Like We Said A Month Or So Ago, Gas Prices Were Peaking.. Uhh, Now For the Bad News - We're About Done With the Relief.
Time for us to toot our own horn for a minute here... A little while ago, when everyone was losing their minds about high gas prices, and estimating that we'd soon be paying $4.50 or $5.00 a gallon soon, we were a voice of reason and calm.. The average price was $3.92 nationally, and $3.74 at the local Kangaroo, which is where we get our average prices. And at that time, we had said the worst was over... So, how'd we do?
It turns out that $3.92 WAS the peak, and it's been falling pretty fast for a couple weeks now. As for our Kangaroo, it's down to $3.51 a gallon now - 23 cents off it's peak. Yeah, another dollar a gallon cheaper would be nice - or even back to the $3.18 we were paying before the whole Iranian Nuclear dustup began - but at least it's going in the right direction... Fortunately, the crisis has quieted down, along with obvious signs of a slowing economy and settling stock market. Yes, a rising stock market means more money in the economy, and higher gas prices.
Now, the bad news.. It looks like we are just about done with the downward spike.. Why? Real simple - Summer is right around the corner, and even though not everyone is taking the big road trip, slow economies mean trips to the beach, instead of Summers in St. Barts or Hawaii... It all goes back to supply and demand. The demand for gas will increase just a tad once Memorial Day, so expect a slight rise in prices. That $3.51 could drop another dime or so by Memorial Day, but that $3.50 should be where we'll spend the Summer... You heard it here first.