Gas prices expected to drop by nearly 50 cents for summer

msnbc.com ^ | May 7, 2011 | AP via Huffington post

[frogjerk]

NEW YORK — Some relief from suffocating gas prices will likely arrive just in time for summer vacation. Expect a drop of nearly 50 cents as early as June, analysts say.

After rocketing up 91 cents since January, including 44 straight days of increases, the national average this past week stopped just shy of $4 a gallon and has retreated to under $3.98. A steady decline is expected to follow.

It might not be enough to evoke cheers from people who recall gas stations charging less than $3 a gallon last year. But it would still ease the burden on drivers. And it might help lift consumer spending, which powers about 70 percent of the economy. A 50-cent drop in prices would save U.S. drivers about $189 million a day.

[Alberta's Child]

Good question. That might vary by location across the U.S. My understanding is that the summer blend in the Northeast includes ethanol, which I think means fuel efficiency actually declines for most vehicles here in the summertime.

[PAMadMax]

Now that’s the drop I would like to see around here.

[newzjunkey]

It is NORMAL for gas prices to drop after a spring peak. Obama’s got nothing to do with it.

[Ro_Thunder]

I’m sorry, if the cost of something doubles, then drops 10%, it’s not a 10% drop, it’s still a 90% increase.

I’m still spending over $120 a FILL UP for my F150. Four times a month, and that’s REAL money I could (and would) be putting into the economy, eating at restaurants, buying goods, etc. Now? It goes to an oil company that for yet again set record profits.

[frogjerk]

Now? It goes to an oil company that for yet again set record profits.

Remember, the tax that the government earns on it exceeds the oil companies margin and the government produces nothing but misery.

[Ro_Thunder]

Yes, I acknowledge that the government gets roughly 35 cents per gallon (all profit), and the oil company gets less than 10 cents per gallon as profit; I also realize that for the 5th or 6th year in a row the oil companies have recorded “record heretofore unseen profits” while my living conditions have dropped.

I’m not opposed to the oil companies making profits; heck, that’s capitalism. I’m opposed to oil companies (or anyone, really) making OBSCENE profits at the expense of everyone. I acknowledge it will happen, because “the love of money is the root of all evil”. Just wish it wasn’t so.

[gibsosa]

Dunno, but here in my little area, went from $3.93 to $4.14 this A.M. .....