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How Far Will Gas Prices Drop?

AAA says prices are the lowest they've been since January.

Gas prices have fallen below $3.50 a gallon for the first time since January, AAA Mid-Atlantic reported this week.

“Not since late-January of this year have we seen gas prices in the Philadelphia area below the $3.50 per gallon mark,” said Jenny M. Robinson, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “Now that crude oil has settled in the $80 range, down from a triple digit highs this spring, gas prices are shifting downward as well.  Analysts believe the recent drop in prices will likely last through the summer months and could potentially drop to the $3.00 to $3.25 per gallon range in some areas.”

According to the release, the average price for gas in the Philadelphia region fell six cents last week, following a drop of 27 cents from the previous month. The price is also 27 cents cheaper than the same time last year.

The price for a gallon of unleaded gasoline is hovering around $3.51 nationally, while averaging $3.43 in Pennsylvania, $3.33 in South Jersey, and $3.37 in Delaware.

“Motorists have undoubtedly felt the pain at the pump this year,” Robinson noted.  “So downward movement in gas prices, definitely makes a difference for most people.”

Thomas June 18, 2012 at 03:33 PM
Gas Prices Should Be $1.75. The gas prices are dropping way to slow if the barrel of Crude oil is now $80 bucks. We should all be paying around the $2.00 mark. America is paying almost double. If the price of the barrel went up tomorrow they would have no problem, hiking up the prices by 15 & 20cents a day.
Bruce Good June 18, 2012 at 05:02 PM
Seems prices are always slow to drop in the Limerick area. Just east of Lancaster it's $3.17 - $3.19/gal. At Turkey Hill in Boyertown it's $3.33 ... use your reward card & pay $3.30/gal. Meanwhile, still at $3.45/gal. in Limerick area.

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