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.
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.
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.