Analysts say gas prices may have hit rock bottom
Jul 15, 2012, 2:59 PM | Updated: 4:00 pm
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.
