If you’re lucky enough to live in some parts of the United States, you may see gas pump prices fall to around $3.25 a gallon or less in the next week or two. Even West Coast drivers should get some relief from prices that are still above $4 a gallon.
Retail gasoline prices dropped by a penny to a national average of $3.71 per gallon on Friday. That’s 22 cents less than the high of $3.94 per gallon reached in early April. Lower oil prices are the main reason. Weaker demand is also helping to push down prices, as consumers watch their spending in the sluggish economic recovery.
Motorists on the West Coast, in Illinois and New York are paying the most for gas – from $3.83 per gallon to $4.54 per gallon – according to AAA, Wright Express and the Oil Price Information Service. The lowest prices, from $3.39 to $3.51 per gallon, were in the South and parts of the Midwest.
Prices should continue to decline heading into Memorial Day. The national average is expected to be around $3.60 per gallon or a little bit higher for the long holiday weekend, but a smattering of cities may see prices much lower. “You could see these prices of $3 to $3.25 populate the country like popcorn thunderstorms do in the spring,” said OPIS chief oil analyst Tom Kloza. “And that may happen in the next week.”