Gas Prices Won't Fall Much More

Jul 06, 2011 at 10:34 am by bryan

Motorists, just keep your eyes on the road, your hands upon the wheel, because the news isn't good about falling gasoline prices.

Namely, they're about as low as they're going to go this summer, according to fuel industry analysts.


The peak was reached last May 2, when gasoline prices averaged just over four dollars a gallon across the country.

Since then, the Energy Department's Energy Information Administration says the cost of gas has dropped about 46 cents to a national average of $3.579 per gallon, still about a buck more than drivers were paying this time last year.

Now, analysts say that most of the declines are over, although some prices may drift a little lower in the coming weeks.

While demand for crude oil has dropped in the U.S., it still remains high in other parts of the world.

It also appears that President Obama's decision to release 30 million barrels from the nation's Strategic Oil Reserves hasn't had the desired effect of lessening pain at the pump.

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