Summer Break For Gas Prices? Big Drop Expected By Memorial Day
LOS ANGELES (CBS) — An expected dip in gas prices could bring some welcome relief to your wallet ahead of the Memorial Day weekend later this month.
Gas prices on average have gone up $1.15 per gallon in the Los Angeles area over the last year, including an 11-cent jump in the last month.
But as KNX 1070's Jon Baird reports, one oil industry analysts expects prices to begin to decline over the coming weeks.
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"The price of oil is back below $100 a barrel, so that should mean that we should continue to see dramatic price falls when you pull up to the pump," said oil industry analyst Phil Flynn.
Flynn predicts a drop of 15 cents a gallon before Memorial Day weekend, and up to 30 cents afterward.
The average price is a half-cent more than one week ago, 13.8 cents above what it was one month ago and $1.129 greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.
Analysts estimate that a 50-cent drop in prices would save U.S. drivers a total of $189 million every day.
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