It wasn’t all that long ago that American motorists were being greeted with shrill headlines forecasting $4, even $5-a-gallon gas by summer.
It certainly seemed plausible after the rapid run-up during late winter and early spring, prices at the pump coming within pennies of the all-time record set back in July 2008. But a funny thing happened just as the traditional driving season approached: fuel prices began to tumble and the downward trend may well continue through the summer.
Over the Memorial Day holiday various tracking services showed that fuel prices dipped to around $3.65 a gallon, about 27 cents lower than their national peak in early April.
“Had you asked me back in January if the national average would have been that low on Memorial Day, I likely would have chuckled,” said Patrick DeHaan, a senior analyst with GasBuddy.com. Looking forward, he told TheDetroitBureau.com, “prices could go either way,” depending upon a variety of factors, though for now, the trend appears to be downward.