Gas prices keep falling
NEW YORK — Gasoline prices are on a summer slide, giving U.S. drivers a break as they set out for the beach and other vacation spots for the Fourth of July.
The national average for a gallon has fallen for 21 days straight and is now below $3.50 for the first time since February. The reason: Oil prices have been relatively stable, and refineries are turning out more gas after completing springtime maintenance.
The drop may be interrupted temporarily because oil prices spiked Wednesday on fears that the turmoil in Egypt would disrupt the flow of crude in the Mideast. Analysts, however, don't expect a sharp rise at the pump, because global oil supplies are ample and U.S. refineries are producing plenty of gas.
The national average price of a gallon is $3.48, according to AAA, OPIS and Wright Express. That is 16 cents below its post-Memorial Day high of $3.64 on June 10.
This year's early summer decline, while welcome, is smaller than the seasonal drops of the last two years, when gas prices also fell between Memorial Day and Independence Day.