That's right- in just a few weeks we may see average gasoline prices that were lower than they were the year before. June 2009 brought prices that started the month at $2.50/gal before racing up to $2.67 on June 18. This year prices are likely to start June around $2.75 with the good possibility of ending the month lower than they were in 2009.

Just a few weeks ago, the average price for gasoline in the United States and Canada hit a peak at $2.93 and 106c/L, respectively. The turning point was concerns over European debt, which prompted investors to flock to the U.S. dollar, making oil more expensive to those countries, and adding concerns about the global economy. All that news drove investors to realize that given the situation and conditions, oil prices were overvalued, and a correction begun.

Oil prices are likely to continue to fall to around $63 and retail gasoline prices could bottom out around $2.50/gal (96c/L) this summer as concerns remain. What is going on this year represents the biggest decline in retail gasoline prices during May since 2005. 2007-2009 all saw years where prices advanced during the month of May before falling slightly after the holiday weekend.

Be sure to check out tomorrow's blog post- we'll see how YOUR predictions about oil prices came out. You may have forgotten, but many of you gave us your prediction on oil prices quite some time ago, and we'll give you the results!