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Motorists should see gas prices drop around Labor Day
by Joseph Ernest August 20, 2010
Newscast Media --As school buses start rolling through neighborhoods across the country, motorists should expect to see the price of gas fall by Labor Day. Gasoline demand will wane as families wrap up their vacations students go back to school, and experts predict that this will cause price to drop up to 15 cents a gallon around Labor Day, unless there is a sudden increase in oil prices and investors' confidence in the global economy.
According to the AAA, Wright Express and Oil Price Information Service, the average retail price for a gallon of unleaded regular gasoline was $2.724, which is still 10 cents more than it was a year.
The cheapest gas can be found in Texas and parts of the South and the Midwest, while motorists on the West Coast are paying the highest amount averaging between $2.856 and $3.544 per gallon. Story continues below
"Over the past weeks, oil prices have dropped about $7 a barrel, but the issue at play is whether the price drop is temporary or whether it signifies a trend," said Tom Kloza chief oil analyst at Oil Price Information Service.
Even along the West Coast, where prices are among the highest in the country, Kloza suspects motorists could find gas below $3 a gallon in some areas.
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