Posted in: Gas Prices,
by Patrick DeHaan on May 5, 2011 01:38 PM
Several weeks ago, I blogged about the possibility of oil prices collapsing and moving lower, along with gasoline prices. Also, I've made sure to make clear that I believed oil and gasoline prices would peak in the month of May- last year it occurred the first week of May, and it now appears that the same will hold true this year.
For the first time in recent memory, wholesale gasoline prices will begin dropping as much as 25 cents per gallon later this evening in parts of the Midwest, while much of the Gulf Coast area will see wholesale prices drop 16 cents per gallon. East Coast? Prices are dropping about 18 cents per gallon.
Bottom line is that gasoline prices will slowly begin falling and not to buy too much gasoline as I forecast that the national average will soon move lower. By Memorial Day, I hope we see many areas back below $4/gallon.
Stay tuned for more!