But drivers shouldn’t get too excited. Beyond the fact that the drop from $5.02 per gallon to $4.98 only saves 80 cents when filling 20 gallons, it’s very likely that this is only a temporary return to gas prices.
With many schools nearing the holiday and the summer travel season in full swing, gas demand – and prices – is likely to climb again soon. The average gas price could reach $6 this summer, said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA given current market fundamentals.
“Anything goes from June 20 to Labor Day,” Kloza said recently of gas demand as people hit the road to the long-awaited getaway. “Come hell or high gas prices, people are going to take vacations.”
And it’s not like $5 per gallon of gas is rare anymore.
Gas prices have fallen much more slowly than they did ahead of Tuesday’s record, confirming the old adage that gas prices go up like a rocket and come down like a feather. For the two months preceding Tuesday’s record, the AAA average price reading rose 58 times in 60 days, adding 94 cents to the national average price. This is a steady climb of about 2 cents in a day, while the price has fallen by less than a penny since Tuesday.