Gas Prices Dropping—And Should Continue to Drop

Brett Blume (@brettblumekmox)

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

“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/gallona 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 plantsboth of which wrapped up this week. Crude oil is back below $100/barrel.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)


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