Summer driving season is still a long ways off, but there are already some interesting trends unfolding in the world of gasoline prices this year. According to AAA, the national average price of a gallon of gas currently stands at $2.27, which is down about 3 percent from where prices were at the end of 2016.
That's an unusual trend. Going back to 2005, on average, gas prices have risen by 1.3 percent by this point in the year. Since 2005, there have only been two other years (2007 and 2016) where the national average price saw a larger year-to-date decline by the first week of February.
In general, once February begins, we see a steady move higher until the start of the summer driving season around Memorial Day, when the price of gas typically reaches its peak for the year. If history is any guide, gas prices may well rebound in the weeks and months ahead.
No comments:
Post a Comment