U.S. gas prices sliding

ORLANDO, Fla., June 20 (UPI) -- The cost of gasoline for tooling along America's roads this summer is turning out to be lower than experts had anticipated, it was reported Wednesday.

AAA said the average price of regular-grade gasoline was to drop below $3 per gallon Wednesday for the first time since May 3, USA Today reported. Just last week, the federal government forecast the average would stay above $3 through the summer.

"The past 24 days, prices have gone down as fast as they went up," said Mike O'Connor, who heads the Virginia Petroleum, Convenience and Grocery Association. "People need to remember that the next time prices go up. It's in our industry's best interest to see prices go down."

The U.S. average Tuesday was $3.002, down overnight from $3.005 but still 13.4 cents more than a year ago, AAA said. The average peaked at $3.227 May 24, as calculated by the automobile association.

"When that number is setting all-time highs, it causes a lot of unease about the future. When it is backing down, people feel more comfortable," says AAA spokesman Geoff Sundstrom at the organization's Orlando, Fla., headquarters.