But drivers shouldn’t get too excited. Beyond the fact that the drop from $5.02 a gallon to $4.98 only saves 80 cents on a full 20 gallon, it’s very likely just a temporary dip. gasoline prices.
With many schools set to close and the summer travel season about to hit full swing, demand for gasoline – and prices – should soon start to climb again. The average gas price could approach $6 later this summer given current market fundamentals, said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA.
“Everything goes from June 20 to Labor Day,” Kloza said recently of the demand for gasoline as people hit the road for long-awaited getaways. “Come hell or high gas prices, people are going to take vacations.”
And it’s not like $5-a-gallon gas is in short supply now.
Gasoline prices fell much more slowly than they rose before Tuesday’s record high, reaffirming the old adage that gasoline prices rise like a rocket and fall like a feather. For the two months leading up to Tuesday’s record, the average AAA price rose 58 times in 60 days, adding 94 cents to the national average price. That’s a steady rise of nearly 2 cents per day, compared to less than a penny per day that the price has fallen since Tuesday.