Barring any unforeseen events, gas prices have hit their spring peak and are likely to continue falling into the summer months.
The national average price for a gallon of regular unleaded fell Sunday for the 13th consecutive day. Prices in Florida, Georgia and Tennessee are also on a downward streak of 18, 12 and 11 days, respectively.
“Motorists are finally getting that steady break in gas prices that we were anticipating,” said Mark Jenkins, spokesman for AAA Auto Club Group. “The discount at the pump is expected to continue, as prices are forecast to be in line with last year’s levels by Memorial Day weekend.
Jenkins said gas prices are falling because of record supplies. The Energy Information Administration estimated total U.S. crude oil production in April reached its highest monthly average since March 1988. The national average price for the month is forecast to be $3.72 per gallon. The EIA forecasted monthly average to fall 21 cents by September.
“Last year, gas prices fell through June, then rose in July,” Jenkins said. “This year, record U.S. crude inventories should put downward pressure on gas prices all summer. As always, natural disasters or supply disruptions could change that.”