Gas prices dropped a little in over the past week, but don’t get used to them.
The average retail price for a gallon of gas dropped 8 cents in the past week to $2.77 by Sunday.
Even with the drop, prices were still 50 cents higher yesterday than they were a year ago.
Analyst Patrick DeHaan says the drop we see at the pump is temporary, at best.
#GasPrices keep quietly moving towards hitting $3/gal nationally, up to $2.87 overnight, prices now 52c/gal higher than a year ago with motorists daily spend on gasoline now ~$215 million higher than a year ago. pic.twitter.com/OWDVUYE6t4
— Patrick DeHaan 📈⛽ (@GasBuddyGuy) May 13, 2018
He cites the U.S. withdrawing from the Iran nuclear deal, plus dropping oil supplies as U.S. exports passed Venezuela, as reason to expect a national average of $3 a gallon by summer.
