Drivers paying less for gas | News
Gas is getting cheaper and that means there's a little less pain at the pump for Mid-Southerners this week.
AAA says this week drivers are paying 13 cents a gallon less in Memphis than they were last week. The average price in Memphis on May 17 was $3.75. Today, it’s $3.62 and experts say prices could fall another 5 cents before Memorial Day.
Why are they falling? Experts say there are a few reasons.
Last month, people were frightened that the Civil War in Libya and the flooding in the Mid-South could disrupt oil supplies.
As those fears rose, so did the price of oil.
But now, traders don't seem frightened about Libya and the flooding didn't cause any major disruptions. Experts also say the disasters in Japan are decreasing that country's demand for gas which means there’s more gas available for the rest of the world
Combined, those factors mean wholesalers are paying less for oil. Now, that price drop has translated to cheaper prices at the pump.
WMCTV.com makes it easy to keep up with gas prices, just click here to find the cheapest gas in your area.
Do you think the drop in gas prices will last all summer, or do you think this is just a brief respite for drivers? Let us know in the comments section below.
Photos courtesy Flickr user futureatlas.com.