Cloudy
58°
Cloudy
Hi 77° | Lo 53°

Gasoline prices begin summer slide

  • FILE - In this Monday, July 1, 2013 photo, a sign advertising unleaded gas for $2.99 is seen at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt, File)

    FILE - In this Monday, July 1, 2013 photo, a sign advertising unleaded gas for $2.99 is seen at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt, File)

  • In this Monday, July 1, 2013 photo, vehicles are reflected in a sign advertising unleaded gas for $2.99 at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt)

    In this Monday, July 1, 2013 photo, vehicles are reflected in a sign advertising unleaded gas for $2.99 at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt)

  • A sign with gas prices is shown at a gas station Monday, July 1, 2013, in Hialeah, Fla. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Alan Diaz)

    A sign with gas prices is shown at a gas station Monday, July 1, 2013, in Hialeah, Fla. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Alan Diaz)

  • A sign with gas prices is shown at a gas station Monday, July 1, 2013, in Hialeah, Fla. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Alan Diaz)

    A sign with gas prices is shown at a gas station Monday, July 1, 2013, in Hialeah, Fla. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Alan Diaz)

  • FILE - In this Monday, July 1, 2013 photo, a sign advertising unleaded gas for $2.99 is seen at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt, File)

    FILE - In this Monday, July 1, 2013 photo, a sign advertising unleaded gas for $2.99 is seen at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt, File)

  • FILE - In this Monday, July 1, 2013 photo, a sign advertising unleaded gas for $2.99 is seen at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt, File)
  • In this Monday, July 1, 2013 photo, vehicles are reflected in a sign advertising unleaded gas for $2.99 at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt)
  • A sign with gas prices is shown at a gas station Monday, July 1, 2013, in Hialeah, Fla. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Alan Diaz)
  • A sign with gas prices is shown at a gas station Monday, July 1, 2013, in Hialeah, Fla. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Alan Diaz)
  • FILE - In this Monday, July 1, 2013 photo, a sign advertising unleaded gas for $2.99 is seen at a QuikTrip station in Greenville, S.C. Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July. (AP Photo/Rainier Ehrhardt, File)

Gasoline prices are on a summer slide, giving drivers a break as they set out for the beach and other vacation spots for the Fourth of July.

The national average for a gallon has fallen for 21 days straight and is now below $3.50 for the first time since February. The reason: Oil prices have been relatively stable, and refineries are turning out more gasoline after completing springtime maintenance.

The drop may be interrupted temporarily because oil prices spiked yesterday on fears that the turmoil in Egypt would disrupt the flow of crude in the Mideast. Analysts, however, don’t expect a sharp increase at the pump, because global oil supplies are ample and U.S. refineries are producing plenty of gas.

The national average price of a gallon is $3.48, according to AAA, OPIS and Wright Express. That is 16 cents below its post-Memorial Day high of $3.64 June 10.

For much of the nation, the slide has been gradual. But for some drivers, especially in the Midwest, it has been a roller-coaster ride. Prices shot up there early last month because of refinery maintenance work and a fire, then plunged after the refineries ramped back up.

Patrick Francis, who owns a used car lot in Toledo, Ohio, filled up his Volvo for $2.89 per gallon over the weekend as he was preparing for a family trip to Hilton Head, N.C. Just three weeks earlier, he was paying more than $4.

“I feel blessed,” he said. “It’s like a miracle.”

Tom Kloza, chief oil analyst at GasBuddy.com, predicted the national average will hover between $3.30 and $3.60 for the rest of the summer. That would be somewhat lower than the last two summers, when gasoline prices spent part of the season above $3.70 per gallon.

Oil prices shot up yesterday above $101 per barrel, the highest since May 2012, as the crisis in Egypt deepened. Egypt is not a major oil producer but controls the Suez Canal, a major shipping lane for Middle Eastern crude.

Oil is up over $100 a barrel thanks in no small part to Obama supporting the Muslim Brotherhood in Egypt and throughout the Middle East....readers would be wise to keep an eye on Gasoline prices to see if this article rings true in the near future

America needs the Keystone pipeline - It is a national security issue and must be built to pull America out of the Obama Economic Doldrums

Post a Comment

You must be registered to comment on stories. Click here to register.