Analysts say gas prices may have hit rock bottom

BY Jeanne Lockhart  on July 15, 2012 @ 2:59 pm (Updated: 4:00 pm - 7/15/12 )

Average gas prices around the country have continued to decrease, but experts say they may have hit rock bottom.

"Gasoline prices fell another seven cents over three weeks. The average is now $3.41, it's been a total of 56 cents decline over the past 14 weeks," says Trilby Lundberg with the Lundberg Survey.

Lundberg, as well as other experts, speculate that prices might have their low point. Since demand is very high, and likely to get even higher, it is likely that these prices will be this year's lowest.

"We can see wholesale price increases around the country already going on, and this is because crude oil changed directions and the prices of crude have been rising," says Lundberg.

Gas prices in Jackson, Mississipi are currently the lowest reported in the nation, at $3.00 per gallon, while Chicago reports the highest price at $3.78 per gallon. Seattle-area prices average $3.57 per gallon.

"It's up because of the season, as it always is, but it's also up year over year, we believe," says Lundberg.

Jeanne Lockhart, KIRO Radio Reporter
Jeanne is a weekend editor and anchor for 97.3 KIRO-FM.
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Comments (9)


  • Add A Comment

  • It's me! Ha ha! wrote...
    Diesel is up 10 cents for more!
    July 15, 2012 4:08 pm
    Doesn't look good, Comrade!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • murr wrote...
    yep here they go
    July 15, 2012 5:55 pm
    Even higher than before. (please stop drilling in the US, let the rest of the oil producers control us)
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Rick (4) wrote...
    Interesting since gas is...
    July 15, 2012 6:29 pm
    10 cents more a gallon than it was last week.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • It's me! Ha ha! wrote...
    Keystone pipe line
    July 15, 2012 6:30 pm
    One of many chances that Obama had to do something about this and choose not to!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    ask Newt about his $2.50 gas . . . .
    July 15, 2012 6:42 pm
    another Republican lie
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • C"mon Man wrote...
    John Hofmeister
    July 15, 2012 8:28 pm
    Democrat, and President Obama supporter, check him out on-line, and get back to me.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • hpygolkyone wrote...
    Don't Be Ridiculous.........
    July 15, 2012 8:30 pm
    You can't ask Newt anything? He's not here.

    He's on the moon building his new base....sheesh!

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • longwayhome wrote...
    All the republicans belong on the moon
    July 15, 2012 9:50 pm
    Newt will be a good leader for the brain dead republicans that think the world revolves around the republican party. They will lose in 2012 and probably beyond, with the irresponsible leadership they have shown in the recent events in congress. They have no leadership, no goals, except to unseat a sitting President that has fixed most of the damage that the republicans produced during the horrible bush/cheney years. The bush era was the worst thing that happened to this country ever. The republican party is out to make money, not help Americans.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Realitycheck wrote...
    longwayhome
    July 16, 2012 5:50 am
    And Obama displayed responsible leadership??? Looks like you are living on the moon or some other planet if you believe that. Please name anything Obama fixed. Can't wait to be amused again, even though I feel more like crying if people actually believe that Obama made things better.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }