Gas may be cheaper by Memorial Day
Cheaper gasoline might be on its way just in time for Memorial Day.
Last week when crude oil prices dropped, bringing down the average price per gallon of gasoline 6 cents to $2.78 in Georgia, AAA Auto Club South reported. Gas prices in the state were an average of $2.84 last week, $2.76 a month ago and $2.17 a year ago.
The national average price of unleaded regular gasoline is $2.87 a gallon.
The price of crude oil dropped for the second time this month and will push retail gasoline prices lower this week, AAA said. The downward trend is expected to continue with the possibility of lower prices by Memorial Day weekend. Crude oil closed Friday at $71.61 a barrel on the New York Mercantile Exchange.
After the recent announcement Greece would receive an almost trillion dollar bailout, financial experts said last week it is very unlikely Greece will be able to pay back their debt. Investors are concerned these issues in Europe will stunt global economic growth at a time when demand is already slow to rise, AAA noted.
At the same time, oil supplies in the United States continue to increase week after week. A major crude holding site in Oklahoma reached a record breaking supply of more than 37 million barrels since 2004 when the Energy Department began keeping record. Total U.S. supply now equals more than 362 million barrels of crude.
Filed under: term by Wolf