For those that spend a lot of time in their car, this is old news.
Since Memorial Day weekend when gas prices touched $3.24/gallon nationally, the cost of filling up dipped below $3.00. According to Gas Buddy, Monday’s average cost per gallon was $2.995.
Despite the dip, gas prices are still much higher for late-June than in years prior.
2002: approximately $1.40/gallon
2003: approximately $1.48/gallon
2004: approximately $1.92/gallon
2005: approximately $2.14/gallon
2006: approximately $2.82/gallon
2007: approximately $2.99/gallon
Gas prices change quickly and those changes can be attributable to the price of crude oil, increased demand for gas from road travelers (i.e. summer road trips), or an interruption in the overall production (i.e. supply) of Gulf Coast refineries or from crude oil sources.
Since 2002, all three factors have contributed to the increased cost of gasoline. Over the past three weeks, though, we’ve all gotten a break.