George S. May Business Blog

Gas prices may be dropping soon

After “rising every day for the past two months and climbing 67 percent so far this year” the AP News reports that drivers may finally be seeing some relief at the pumps.

According to the expected Energy Information Administration gas stockpiles increased “last week by 3.4 million barrels, or 1.7 percent, much more than the 650,000 barrels that analysts had  reported.” The increased supply has caused a drop in wholesale prices should pass on to consumers. 

Gas prices have been up for 54 days in a row, a run up that has had many oil analysts claiming this is unlike anything they’ve seen since the 70’s. According to the auto club AAA, Wright Express and Oil Price Information Service, the price of gas broke a new national average at $2.693.

Consumers feeling the pinch at the pumps should look forward to getting past July 4 which is usually a peak price period. After the 4th prices typically ”decline about 10 percent – 25 or 30 cents a gallon.”

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