Gas Prices Dropping—And Should Continue to Drop
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ST. LOUIS (KMOX) – Up until this point, 2014 hasn’t been a great year when it comes to gas prices.
But, it looks like that’s changing just in time for the summer.
The current St. Louis average of $3.47/gallon reflects a drop of more than 10 cents/gallon in the past week, according to analyst Patrick DeHaan with price tracker GasBuddy.com.
“Right now, we are on a downward trend, and that may continue,” he says. “But this may actually be just about as bad as it gets and we could see some relief here in the next few weeks by Memorial Day.”
He says this could be the highest we see prices go all year.
DeHaan’s crystal ball doesn’t extend too far into summer, but he says all signs indicate that here in St. Louis we’ll be paying a lot closer to $3/gallon than $4/gallon—a level last reached more than two years ago.
He blames the rise of prices in February on the switch-over to summer blend gasoline, as well as annual maintenance at processing plants—both of which wrapped up this week. Crude oil is back below $100/barrel.
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