Spring Showers Bring….Higher Gas Prices?

Mar 24, 2009

Spring time brings warmer weather, longer days, and historically, higher gas prices. Fuel prices tend to begin to climb each year right around this time, reaching their peak around Memorial Day when many motorists are hitting the road in high numbers.

This year, however, could turn out to be a little different if the price of oil, a key factor in the price of fuel, continues to remain low. Oil prices have remained relatively low due to lowered consumer demand.

The Energy Information Administration reports that the weekly demand for fuel has declined for the last four weeks. Gas price increases have been fairly stagnant due to the struggling economy and job losses, ultimately which have resulted in consumers driving less. The EIA predicts that because of this, the national average will remain close to or slightly under $2 a gallon.

Let’s hope that they’re right and we never return to the days of over $4 a gallon at the pump, since we can all use that extra money in our pockets.

Read the entire article here.