Gas Prices Are Cheap, and Will Likely Get Even Cheaper

  • Share
  • Read Later

Earlier this spring, it was predicted that gas prices wouldn’t soar this summer. And what do you know? On the eve of Memorial Day Weekend, they haven’t.

USA Today reports that the average price of a gallon of regular in the U.S. was $2.76, and prices could drop as low as they were last summer, amid the heart of the Great Recession:

Through the summer, the pump price could drop more, analysts say. “The odds are prices are going to continue to plummet,” says Phil Flynn, senior market analyst at PFGBest Research. Matching average prices at the end of last May, for instance, would require a drop of about 30 cents a gallon. “It’s a tall order,” he says, “but I think it’s possible.”