Gasoline prices have been heading lower for the past month, and are expected to fall even lower — possibly below $4 a gallon — as drivers cut back on spending at the pump.
Analysts say average prices may have peaked in June, at $5.01 per gallon, and are not likely to go back to that level unless there is a disruption in oil and refining operations or a spike in oil prices.
“I think Labor Day could end up being the cheapest summer holiday at the pump,” said Gas Buddy’s Patrick DeHaan. “We can have expectations for what shows up for economic data, but we have no expectations of what turns up in the Atlantic or tropics. The wild card this year is hurricane season.”