Drop in gas prices expected to continue

Credit: Associated Press

Drop in gas prices expected to continue

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by Dave Cassidy, 13News

WCNC.com

Posted on April 24, 2013 at 11:16 AM

WASHINGTON, DC - The latest word on gas prices comes out Wednesday and drivers are expected to pay less to fill up their cars. 

Nationally, the price at the pump is 3.51 a gallon, down a quarter since February and 35 cents lower than this time last year.  In Hampton Roads, regular gas is averaging $3.39 a gallon, according to GasBuddy.com. 

Analysts predict prices could drop another 20 cents by Memorial Day because oil prices keep falling. Also, there's more production in the U.S. and Canada while demand is down in part because of the economy.

Since every 10-cent drop at the pump saves drivers $13 billion, people have more money to spend.

When prices were up at the beginning of the year, a gallon of gas cost 15 cents less than it did at the start of 2012. And then they fell farther and faster than a year ago. If that continues, gas prices will not be as bad as last year, when they hit all-time highs.

Analysts predict the dropping prices will help companies feel good about hiring again.

 

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