Motorists expected to crowd nation’s highways this summer with gas prices at 11 year low
INDIANAPOLIS, Ind. — If you are looking to begin your summer travels and wonder if prices at the gas pump will limit your places to visit, the American Automobile Association (AAA) says think again.
Of their most recent survey AAA found that drivers are paying the lowest gas prices for this time of year in more than a decade. Gas prices for the Memorial Day holiday were the cheapest since 2005 and were down 42 cents per gallon versus last year’s holiday. Heading into the first weekend of June, a price of $2.32 per gallon represented an increase of three cents per gallon from last week with consumers paying 11 cents more per gallon on the month.
This year’s summer driving season is expected to be characterized by higher-than-normal gasoline demand, and that demand remains on pace to test record levels reached in 2007. Refineries nationwide are working in preparation for what is likely to be record-breaking season and if they are able to keep pace, pump prices should remain relatively lower.
Economists are also hoping that the hurricane season which starts this month and lasts through late November will not disrupt production, refining and distribution as that weather occurrence alone could lead to price spikes in regional markets along the coast and in areas that rely upon crude oil and refined product from these regions.