Have Gas Prices Bottomed Out?

Gas pump
Gas prices have been on a surprise and welcome slide this summer. After continuing to fall for more than three months, however, a new survey is predicting that they've hit bottom. 

Reuters is reporting that the Lundberg Survey shows gas prices have fallen 14% from a peak average price of $3.967 a gallon of unleaded on April 6 but that they will probably start to head back up soon. The survey cites the slowly rising price of crude oil and the summer driving season, which is when more drivers hit the road, as reasons to expect prices to increase. According to Reuters, the price of crude oil has risen almost 13% since June 28.

According to the Lundberg Survey, the national average price of regular gas was $3.41 on July 13, down from $3.48 on June 22 and down from $3.62 a year ago. The survey reports that the lowest average price for a gallon of unleaded gas in the 48 contiguous states is $3.00 in Jackson, Miss. Chicago has the highest gas prices: it's $3.78 a gallon in the Windy City.

Related
Gasoline prices fall more, but slide may be over: survey (Reuters)
Gas Prices Keep Sinking in Time for Summer Travel
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Comments 

George

Good, it makes Wallstreet speculative profit much easier now.
Especially with the draught being blamed on AGW fear mongering instead of the maxima of solar cycle 24.
And the next [neo-con] perpetual war, based upon a lie, can start in time for the 'election'

What's new?

Paul

Wait a second!

Are you sayin' high gas prices AREN'T Obama's fault?

You mean... Fox News LIED to me?!?!

S4

Ah Yes those 37 Democrat Senators who voted for the military invasion of Iraq were "Neo-Cons".
When are gas prices not Obama's fault? When he's President. LOL

Now both of you get back to working the fry-a-lator.

meet_the_dean

I think this article mostly gets it right. They are going to make their way back up for the next few summer months, but once the summer passes, they should slide back down again. This speculation doesn't include the crap going on in the middle east that seems to have a constant negative affect on our gas prices.

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