Gas prices higher than last year; second cheapest price since 2006

Staff Writer
Woodford Times

GasBuddy today projected that average gasoline prices in the Continental United States over the Memorial Day weekend will average 30-cents per gallon higher than last year, but will be the second cheapest on record since 2006.

The average price across the United States will be $2.75 per gallon, with the lowest prices in South Carolina, New Jersey, and Oklahoma, where prices will drop as low as $2.35 per gallon. Some of the highest prices in the United States will be in the West (including Alaska and Hawaii), where prices will remain over $3 per gallon.

This year, prices in the United States will have fallen an average of 15-cents during May, marking the first year since 2006 that prices fell during this time frame. Motorists can thank abundant supply of oil and gasoline products as well as plenty of spare capacity for the recent downturn. While most will see lower prices, some areas of the West are seeing prices that have barely dropped or even increased during the month.

GasBuddy forecasts much of the U.S. will see falling prices after the holiday, continuing a downward trend. In Peoria, prices have fallen 26.7 cents per gallon from $2.96 a gallon earlier this month to $2.70 a gallon yesterday. Prices yesterday were 13.1 cents per gallon higher than a year ago.

"Falling gasoline prices couldn't have come at a better time for motorists as they prepare to embark on their weekend plans," says Patrick DeHaan, Senior Petroleum Analyst of GasBuddy.com.

DeHaan says prices are poised to fall even after Memorial Day, the start to the summer driving season, is over.

"Oil prices have lost over 15 percent of their value in just a few weeks so we'll continue to see retail prices fall," he adds.

Historical Memorial Day pricing and trends leading to the holiday:

Wednesday before Memorial Day, 2010: $2.70/g, with prices falling 19.9 cents per gallon between May 1 and yesterday.

Memorial Day, 2009: $2.47/g, with prices rising 43.9 cents per gallon between May 1 and Memorial Day weekend.

Memorial Day, 2008: $4.02/g, with prices rising 38.9 cents per gallon between May 1 and Memorial Day weekend.

Memorial Day, 2007: $3.38/g, with prices rising 40.4 cents per gallon between May 1 and Memorial Day weekend.

Motorists can visit PeoriaGasPrices.com and plan their holiday weekend trips using the GasBuddy Trip Cost Calculator.