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Are gas prices slowing down soon?

By Crissinda Ponder · Bankrate.com
Thursday, April 11, 2013
Posted: 2 pm ET

If you are well-acquainted with your steering wheel and pour tons of dollars into your tank several times a month, you -- and your wallet -- may be getting some relief soon.

The price of regular gasoline is expected to average $3.63 per gallon nationally this summer driving season -- April through September -- according to a brief released Wednesday by the U.S. Energy Information Administration. The average price reflects a three-year low.

The factors making up the forecast include a drop in crude oil prices and a rise in gasoline inventories. So far this year, there have been 1 million more barrels produced than in 2012.

Some parts of the country will have lower average gas prices than others, the EIA reports. The average price of regular gasoline per gallon is expected to be $3.47 on the Gulf Coast, $3.57 in the Rockies and $3.58 in the Midwest. The East Coast is closest to the national average with $3.61; the West Coast's average is 26 cents more than the U.S. average at $3.89.

Before you hit the road to chase lower gas prices, use a calculator such as Bankrate's to see how much money you'll save, if any, when you log those extra miles.

Does this news change your travel plans -- where you'll vacation and whether you'll drive instead of fly?

Follow me on Twitter @CrissiPonder.

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19 Comments
John
June 04, 2013 at 10:07 pm

Oh, I forgot to add, those gas war prices included full service (we coudl spell self serve then) and the attendant would air up your tires, clean your windshield and give you a "free" road map.

John
June 04, 2013 at 10:02 pm

The last time I saw a real gas price war was when I was in high school - graduated in '63. How about $.19/gallon down from $.26/gallon or a drop of 26.9%!

Irvin
June 04, 2013 at 8:15 pm

I think the real problem is he lack of refinery capacity (controlled by who?). when they build some new refineries, then you will see the price drop.

Don
June 04, 2013 at 5:24 pm

this is no more Chinas Terrys or phil or my oil all oil that we pump out the USA goes on the world market so anyone can buy OS WE HAVE TO PAY THE PRICE OR STAY HOME OR WALK TO TO YOUE JOB.

terry
June 04, 2013 at 4:22 pm

maybe if we would quit selling all the oil we produce to china and the far east maybe we would have more, and that might help with the price. I believe that the oil companies will find a way to make more profits by saying we don't have enough oil being produced. I feel we don't need the trans pipeline as the oil will just end up overseas.

Phil
June 04, 2013 at 11:37 am

Why do we always look to the Government to solve this problem? We have plenty of oil in this country. The liberals will not allow drilling because of the global warming myth. High Gas Prices, Thanks Democrats! The price will come down with more supply, more supply will lead to more jobs, lower fuel prices lower all comsumer prices. How about 6 more refineries?? Oh, there we go with the liberalism again!

Donald Ashwell
June 04, 2013 at 11:33 am

If you put a fox in the chicken house he will have chicken every day for lunch.
So when you put RICH people in DC. you will give them your money to put in there bank they can eat stake 3 times a day you
get corn flakes with no milk or sugar on them.

vince
June 04, 2013 at 11:01 am

gas prices "huh" the oil companys.american people must have a short memory,when president bush was in he give the ok to have the oil companys to merge so all the oil will charge the same price for gas,remember the gas ststions had price wars?than the oil companys start to shut down gas refinerys all around the united states,so now they can say they can't produce gas fast enough.now they can raise gas prices on speculation,on things that might happen around the world.what we need is our government to crack down the oil companys,like stop the mergeing and let the oil companys too compete with each other once again,
and not elect government officials that are in the back pockets of the oil companys