AP News reports today there should be some relief at the pumps once again after “rising nearly every day for the past two months and climbing 67 percent so far this year.”
Gas prices were up for a 54th straight day Sunday, by 0.1 cents, to a new national average of $2.693 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service.
The recent run-up exceeds anything that oil analysts say they have seen since the 1970s. But the streak should end Monday or Tuesday, Tom Kloza, publisher and chief oil analyst for OPIS, said Sunday.
According to the expected Energy Information Administration gas stockpiles increased “last week by 3.4 million barrels, or 1.7 percent, much more than the 650,000 barrels that analysts had reported.” The increased supply has caused a drop in wholesale prices should pass on to consumers.
We still need to get through July 4 which is usually a peak price period, however after the 4th prices typically “decline about 10 percent — 25 or 30 cents a gallon.”
That’s good news for consumers who are once again feeling the pinch at the pumps in the midst of this recession.