Relief in gas prices is in full view as crude oil drops amid recession fears; pump prices drop to less than $5 a gallon.
"Based on the markets at the moment — they can and do change — the national average could drop to $4.55-$4.75/gal in the coming weeks unless trends change," Gasbuddy.com's Patrick de Haan said.
US drivers may get some near-term relief on gas prices as the June weekend approaches, with crude oil prices dropping to a three-week low in the middle of Friday amid persistent fears of a global recession.
Data from the AAA Automobile Club indicated that US gas prices fell from their highs this week to a national average of about $5 a gallon in the first weekly decline in more than two months. Although small, the drop could portend more significant decreases over the summer as oil prices fall in the face of uncertain demand and a stronger US dollar-linked to the global economic slowdown.
Patrick de Haan of consumer advocate GasBuddy.com suggests that today's drop in crude oil could bring gas back around $4.55 to $4.75 a gallon in the coming weeks.
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