Gas Prices Appear to be Leveling Off

Down 20 Cents in Past Month to Average $2.72 a Gallon Nationwide
Source: Associated Press

After dropping 20 cents in the past month, gasoline pump prices are leveling off.
Retail gasoline prices fell 0.3 cent Monday to a national average of $2.724 per gallon, according to AAA, Wright Express and Oil Price Information Service.
Lower gasoline prices reflect a steep drop in oil prices over the past month. Gas prices topped off at $2.93 per gallon on May 6, three days after oil prices reached an 18-month high of $87.15 per barrel.

Prices may drop a few more pennies at the pump, but the big drops are over unless worries that the country is falling back into recession gain steam, said OPIS' Tom Kloza. Still, by the time summer officially arrives later this month, gas likely will be below where it was a year ago. Right now gasoline prices are 11.3 cents higher than last year.

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