U.S. Gas Prices Lower Versus Last Year

The current gasoline price average in the U.S. is $3.58 per gallon, a lower rate from almost $3.75 of last year.

Analysts say that the increase in the production of crude oil and a decrease in demand may be the major causes of the drop in the gasoline price today. According to petroleum analysts, the rising inventories of crude oil have always played a part in the decline of gasoline prices. There were few significant incidents in refineries during the past year; this year, there is a lack of unanticipated refinery issues, placing downward pressure on gasoline prices.

In addition to these factors, lower consumer demand is caused by altered habits due to the higher prices of gasoline experienced in previous years.

A lot of Americans are enjoying cheaper prices of gasoline this spring, and the analysts at the Energy Department have said that the average price is expected to stay low – at $3.53 a gallon – during the summer. However, others do not agree.

The average prices nationwide may move up as Memorial Day comes. However, the good news is that the prices will decline in June after the Memorial Day, and they will remain in the mid-three dollar level.

Prices may get worse during the warm months of July and August. There is also higher risk in the latter parts of August to the early parts of October, when the hurricane season is at its peak. Prices may be affected by significant storms, so they may move up during the summer.