Report: Pump Prices to Drop by Memorial Day
As U.S. gasoline production increases in anticipation of the summer driving season, the American Automobile Association (AAA) said it is expecting prices at the pump to drop by Memorial Day, May 26.
According to the Christian Science Monitor, AAA reported a national average price on May 5 of $3.67 — about 3 cents lower than what the motor club said was a seasonal high, on April 28.
Michael Green, an AAA spokesman, told Oilprice.com that the national average price for a gallon of regular unleaded gasoline has declined for nearly a week straight, the longest streak since mid-January. Before last week’s high-water mark, the average price had increased 76 out of 80 days.
“It seemed that drivers couldn’t catch a break with gas prices rising nearly every day since February,” he said. “Last week’s high of $3.70 per gallon was the most expensive in more than 13 months, and nearly nine percent of the [filling] stations [nationwide] were selling gas for more than $4 per gallon.”
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