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Gas prices dropping for summer

May 25, 2012 at 11:16 AM   |   Comments

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WASHINGTON, May 25 (UPI) -- Except for the West Coast, U.S. motorists can expect more relief at gas pumps heading into the peak summer driving season, forecasters said.

Weak demand, slumping crude oil prices and ample inventories will keep pushing gas prices lower, USA Today reported Friday.

Analyst Brian Milne of Telvent DTN said he expects gas prices to drop to $3.55 a gallon for regular by mid-June.

"We're getting a bit of a break here," said Tom Kloza of the Oil Price Information Service.

Kloza said domestic supplies of gasoline are at their highest level since 1990.

For the third consecutive year, national prices for gasoline topped out six weeks ahead of the Memorial Day weekend.

Prices are about 15 cents a gallon below where they were a year ago and 43 cents lower than the 2008 record of $4.11.

Benchmark Texas crude dipped under $90 a barrel earlier this week, hitting a seven-month low, said economist John Felmy of the American Petroleum Institute.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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