Will low gas prices last?

December 29, 2008 4:42:08 PM PST
Gas prices will close out 2008 far lower than when the year started, following a summer that saw the highest prices of all time.AAA reports the national average for a gallon of regular is now $1.62, down 60% from the July 17th record of $4.11.

One year ago it was $3.04.

AAA says these are the lowest gas prices in nearly 5 years, the result of lower crude oil prices and reduced demand.

Unfortunately, these prices are not locked in stone. Experts don't expect them to last through the spring time.

In fact, by Memorial Day, the price of regular around here could be back to roughly $3.00 per gallon.

Through his internet report, Schork has become a major force in the global marketplace. He's also an active trader, and says the price at the pump he says will start cycling down by Independence Day.

"At some point in June heading into the Fourth of July, short of any major disruption to supply, prices will certainly start heading back lower in July and August like they always do," Schorck said.

AAA gave Action News a similar assessment Monday.

So, enjoy it while it lasts.

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