Gas Prices Begin Retreat
It was easy to predict for some, but many had to wait and see the price of gasoline fall before believing it might not hit $4 this summer. Today, gas prices fell to $3.197 from a record high of $3.227 on May 24. Analysts are saying this is the beginning of a decline, but there could be another spike around the July 4 holiday.
It’s not all gasoline and roses though — gas prices are still more than 30 cents higher than they were at the same time last year. A number of problems with U.S. refineries led to the recent spike, and if they come back online — and there are no other unforeseen issues — gas prices could continue to decline.
