US: summer driving poised for growth as gas prices go down once more image

According to the latest data from motoring association AAA, the national average price of gasoline has hovered last week at $2.75 per gallon, the highest price this year, but predictions point to a lowering price for the months to come.

The average US gas prices are expected to go down once more as the global crude oil prices are stabilizing and US refineries finish seasonal maintenance, with forecasts pointing out to the lowest summertime gas prices since 2009. And a new survey from the University of Michigan points out that even the average fuel economy of new vehicles sold in the U.S. is going to improve during the period. “This could be the year of the summer road trip with lower gas prices motivating millions of people to travel,” said AAA. “Many drivers are likely to save hundreds of dollars this summer as gas prices remain more affordable than in recent years.” A new report from the AAA has six out of ten Americans ready to join the summer travel craze – taking a road trip of 50 miles or more in 2015 if the gas prices remain at current levels. And the Energy Information Administration (EIA) estimated that in the weak leading to the recently concluded Memorial Day celebration the gasoline demand was the highest since August 2007. Also, US supplies of both oil and gasoline remain high and historically the price of gasoline in June usually goes down – dropping an average of 12 percent over the past half a decade.

There are also factors that could actually take gasoline prices higher this summer – more fighting in the Middle East, unexpected issues at major refineries in the US or Atlantic hurricanes.