Posted: Monday, May 12th 2014 at 5:10am
Gas prices forecast to fall through the summer
TAMPA, Fla. — Barring any unforeseen events, gas prices have hit their spring peak and are likely to continue falling into the summer months. The national average price for a gallon of regular unleaded fell for the 13th consecutive day Sunday. Prices in Florida, Georgia and Tennessee are also on a downward streak of 18, 12, and 11 days respectively.
"Motorists are finally getting that steady break in gas prices that we were anticipating," said Mark Jenkins, spokesman, AAA The Auto Club Group. "The discount at the pump is expected to continue, as prices are forecast to be in line with last year's levels by Memorial Day weekend.
Gas prices are falling because of record supplies. The Energy Information Administration (EIA) estimates total U.S. crude oil production in April reached its highest monthly average since March 1988. The national average price for the month is forecast to be $3.72/gal. The EIA forecasts that monthly average to fall 21 cents by September.
"Last year, gas prices fell through June, then rose in July," Jenkins said. "This year, record U.S. crude inventories should put downward pressure on gas prices all summer. As always, natural disasters or supply disruptions could change that."
The national average price for a gallon of regular unleaded gasoline on Sunday was $3.65. Georgia's average price also was $3.65; a year ago at this time, the Georgia average was $3.44.
Link: AAA Fuel Gauge Report
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