But drivers shouldn’t get too excited. Beyond the fact that the drop from $ 5.02 a gallon to $ 4.98 saves only 80 cents on a 20 gallon fill-up, it’s very likely this is only a temporary retreat in gas prices.
With many schools about to let out and the summer travel season about to get into full swing, demand for gas – and prices – are likely to start climbing again soon. The average price of gas could approach $ 6 later this summer given current market fundamentals, said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA.
“Anything goes from June 20 to Labor Day,” Kloza said recently about the demand for gas as people hit the road for long-anticipated getaways. “Come hell or high gas prices, people are going to take vacations.”
And it’s not as if $ 5 a gallon gas is now rare.
Gas prices have fallen much more slowly than they went up ahead of Tuesday’s record, reaffirming the old adage that gas prices go up like a rocket and come down like a feather. For the two months ahead of Tuesday’s record, the AAA average price reading rose 58 times in 60 days, adding 94 cents to the national average price. That’s a steady climb of nearly 2 cents a day, compared to less than a penny a day that the price has fallen since Tuesday.