Gas Prices

With gas prices holding steady – and even dropping a bit in the past few weeks – the consumer outrage that flared up this spring has calmed down considerably. Pump price photos have fallen from front pages and politicians proposing solutions are visibly absent from cable TV channels. But as the July 4th weekend kicks off an exodus of vacationing motorists, U.S. Fuel supplies remain tight – which raises the odds that gas prices are about to make another move higher. After a sharp run-up in March and April, pump prices have fallen slightly in the past two weeks from peak levels reached in mid-May. Still, at $2.87 a gallon, the average price of a gallon of regular unleaded logged by the Department of Energy this week is still 65 cents higher than this time last year.Pump prices typically head higher between July 4th and Labor Day, as an armada of RVs and fully loaded SUVs roll out across the country for the peak vacation season. That increased demand puts upward pressure on Fuel prices. The goods news is that pump prices typically fall back again when summer winds down. But it’s far from clear just how high prices will go before they fall again. News source: MSNBC