$5 a Gallon? Gas Prices that High Unlikely
A slowing economy could mean good new for consumers, experts predict gasoline may be under $3 a gallon by this fall. Regular gasoline averages $3.47 a gallon, that’s well below the $5-a-gallon some feared by this time.
According to USA Today, demand for fuel over the past four weeks has fallen 5% below year-ago levels.
Motorists in some regions are already paying less than $3 a gallon. In South Carolina, where the average price is a U.S. low of $3.06, nearly 30% of service stations are selling gas below $3. Consumers elsewhere aren't as fortunate. California averages $3.93 a gallon — the highest price in the continental U.S. But about 25% of the state's gas stations are charging $4 or more, according to the Oil Price Information Service.
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