Gas Prices Expected to Drop

By: Associated Press
By: Associated Press

NEW YORK (AP) -- Analysts say motorists can expect some relief
from sky high gas prices just in time for summer vacation.

The analysts say expect a drop of nearly 50 cents as early as

After rocketing up 91 cents since January, the national average
last week stopped just shy of $4 a gallon and has retreated to
under $3.98. A steady decline is expected to follow. Among the
reasons: concern over rising oil supplies and falling demand in the
U.S., as well as an increase in gasoline production.

The drop in gasoline prices might help lift consumer spending,
which powers about 70 percent of the economy. A 50-cent drop in
prices would save U.S. drivers about $189 million a day.

Typically, gas prices peak each spring, then fall into a
summertime swoon that can last several weeks.

Fred Rozell, the retail pricing director at the Oil Price
Information Service, says this year's decline should be gradual but

Oil analyst Andrew Lipow predicts gas is going to be $3.50 per
gallon this summer.

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  • by Stumpknocker on May 9, 2011 at 07:50 AM
    We cannot use the reserves. Last Army with fuel wins.
  • by LIN on May 9, 2011 at 06:15 AM
    Stop welfare for oil companies.
  • by William Location: San Diego on May 8, 2011 at 08:42 PM
    Sometimes when people believe they got the wrong end of the stick could be that they were part of the problems instead of part of the solution.
  • by LOL on May 8, 2011 at 06:08 PM
    I feel much better now.
  • by Don Location: Tallytq on May 8, 2011 at 03:48 PM
    I know it is Bush's fault. Obama has not done one wrong thing since he took office. He uses Air Force One just like we do a bike. He could care less it cost a minimum of one million per day for him to travel. So what, he can go to Fla to watch space lanch. He can fly to NY for placing wreath at Twin Towers (which to me was a big waste of money). Yep seems like media has a selective memory.
    • reply
      by Anonymous on May 9, 2011 at 04:42 AM in reply to Don
      I am sure that the President's travels raises the oil price world-wide.
  • by The Truth on May 8, 2011 at 02:16 PM
    Ironic that the same idiots who said the "evil" George Bush was manipulating oil prices with his remote control in the White House are now defending Obama when the price goes up under his watch. What a sorry bunch of two-faced hypocrites.
  • by dog Location: gone on May 8, 2011 at 07:21 AM
    Don't give money to Panhandlers you will need it for GAS. Job opening at Famous Daves .
    • reply
      by Anonymous on May 8, 2011 at 07:40 PM in reply to dog
      Don't give money to panhandlers, give it to the shelter, or a soup kitchen where the money will help feed them.
  • by L Johnson Location: Vermont on May 8, 2011 at 05:50 AM
    And did our bigotted friend make a similar calculation when the "Christian-in-Chief" was in charge 3 years ago when gas and crude were at similar levels? Or is this just another case of selective memory and a fundamental ignorance of what is driving our foreign policy.
    • reply
      by Franklin Thompson on May 8, 2011 at 10:04 AM in reply to L Johnson
      See my reply to 'posted by Ed.
    • reply
      by Franklin Thompson on May 8, 2011 at 02:09 PM in reply to L Johnson
      Read my post again. It [begins] with the time period in which our Christian in Chief was in office.
  • by Ed Location: New York on May 8, 2011 at 05:49 AM
    Oh Franklin, did you miss the memo that the President doesn't set gas prices? Why don't you send your complaint to the CEOs of the big oil compnies Republicans love to bestoq tax breaks on?
    • reply
      by Franklin Thompson on May 8, 2011 at 10:03 AM in reply to Ed
      Obama's policy of printing dollars inflates our currency and all oil in all countries is bought and sold in dollars, thus inflation hits the oil market like a storm and prices go up.. The speculation that happens in this market is betting that the U.S. keeps printing dollars at breakneck speed so as to keep oil and gasoline prices artificially high. You do understand inflation, right?
    • reply
      by TLM on May 8, 2011 at 11:31 AM in reply to Ed
      But, the Obama administration's policies discourage optimization of our oil and natural gas reserves. Thus, insuring an ever-increasing demand for foreign oil. The end result - oil prices driven higher.
    • reply
      by GV on May 9, 2011 at 04:11 AM in reply to Ed
      Why is it always about republicans and the oil companies.Obama is giving brazil billions of dollars to drill for oil.Is he a republican now?Did I miss something?
    • reply
      by Anonymous on May 9, 2011 at 05:25 AM in reply to Ed
      The CEOs of big oil don't set prices either. Prices are set way down the line by investors. The price of oil has little play on the price of gasoline, though most consumers belive it does. Do some research on West Texas Sweet Crude and the price of automotive gasoline, they are not one and the same.
  • by FrankO Location: ny on May 8, 2011 at 05:31 AM
    Obama hardly has 2012 "in the bag". They gouged the prices at the very moment the Osama story broke. Worst President EVER. Zero leadership skills.
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