Gas Prices are dropping

Usually around the Memorial day weekend, which also signifies the start of the summer driving season (or vacations) gas prices tend to trend higher. Prices around the country have either held steady or dropped some in the past week. There are a few explanations for this - demand is only slightly above last years levels, but quite a bit below the demand in 2007.  This could be due to the unemployment rate or just the uncertainty of what is going to happen tomorrow. Gas prices are still about 37 cents or so ahead of last year, but the gap is starting to shorten.

Something odd as well is the miles driven in March this year, was below the miles driven last March… when supposedly the recession was worse. If you need to top off your tank, then I would recommend doing it now, instead of waiting for the weekend.

Enjoy your Tuesday.

Tagged as: Energy, Gasoline and diesel usage and pricing