Business

Expect lower gas prices heading into holiday

Residents in some parts of the United States may see gas pump prices fall to around $3.25 a gallon or less in the next week or two. Even West Coast drivers should get some relief from prices that are still above $4 a gallon.

Retail gasoline prices dropped by a penny to a national average of $3.71 per gallon Friday. That’s 22 cents less than the high of $3.94 per gallon reached in early April.

Advertisement

Prices should continue to decline heading into the Memorial Day weekend, when the national average is expected to be around $3.60 per gallon, analysts said.

Lower oil prices and weaker demand, as consumers watch their spending in the sluggish economic recovery, are the main reasons for the drop cited by industry analysts.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

Motorists on the West Coast, in Illinois and in New York are paying the most for gas — from $3.83 to $4.54 per gallon — according to AAA, Wright Express, and the Oil Price Information Service.

The lowest prices, from $3.39 to $3.51 per gallon, were in the South and parts of the Midwest.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.