The chances of gas prices falling below the $3 mark anytime in the near future might seem unlikely, but analysts say that it could come close. Fuel costs, already dropping, are expected to continue to do so for the rest of the year.
Gas prices have taken a wild ride this year — first we were told to expect record-breaking fuel costs, and then analysts backed down from that prediction. Since then, prices have see-sawed back and forth, and now experts expect them to drop again.
Turmoil in the Middle East is nothing new. Gas prices going up is nothing new. What is new is the possibility that we could be looking at prices at the pump lurking in the neighborhood of $5 a gallon by the summer. And that’s painful.
If it seems like it’s costing more and more to fill up your gas tank, it’s not just your imagination. On average, a gallon of fuel costs 22 cents more than it did at this time last year. Worse yet, experts think it’ll climb higher still.