Will falling gas prices stay that way?

(CBS News) NEW YORK - This week, the summer driving season moves into high gear and Americans are paying a lot less at the pump. The price of gas is now $3.34 a gallon -- down 60 cents in less than three months. But will that trend continue?

When we visited trucking fleet owner Andy Anastasio in Connecticut last March, his big-rigs were guzzling almost $1,400 dollars worth of diesel every time he filled a tank. Not anymore.

Asked what it costs to fuel-up these days, Anastasio answered: "To fill up a truck, about a thousand dollars."

That's a savings of $5,000 every week.

But Anastasio added: "We're cautiously optimistic. We'd like to see fuel down to $2 a gallon where it was only a couple of years ago."

But analysts say it's unlikely prices will dip that low in the future. The last Independence Day to see the average price of regular below $2 was in 2004. It peaked four years later at more than $4 dollars. That's 76 cents more than today.

"We've probably bottomed out at least for the next couple of months," said oil analyst Tom Kloza, "although it may be a very adventuresome summer."

Usually, gas prices rise just before the peak summer driving season. But this year, the law of supply and demand is not the main price driver. Instead, global economics and politics have had the most influence.

"The fear that Europe is going to fall off a cliff and drag some other countries with it has disappeared for at least July and August," said Kloza.

But Kloza says that means prices will start to creep up by September. "You have a lot more risk takers, a lot more speculators that come into the market. You couple that with reasonable economic growth. and you probably have recipe for mildly higher prices."

So gas prices may have bottomed out for the summer. But if there are disruptions in the Middle East, or if we have a particularly bad hurricane season, prices could start to rise even faster.

[OptingOut]

I love Marxists. They're such an extraordinary, likeable bunch. Talking to them is like stepping into the twilight zone. They have their rose colored glasses on and they're happily tripping along towards complete insanity. They make me happy because they are willing to destroy themselves for their own misguided principles (or lack thereof). In the end, Marxists always lose. What's funny is this: to them, that's winning. That REALLY comforts me somehow. It's ironic, but my greatest peace in life has somehow been generated directly from their stupidity and lack of knowledge. I say, give them exactly what they want. Let them suffer the aftermath so many have before them. The sweetest thing will be watching their tears fall as the rose colored glasses drop and shatter into a million pieces. Don't fight the Marxists. Instead, give them precisely what they've asked for. Give them what they most desire. They may not know the consequences of their actions, but their kid's sure will. The best thing to carry away from all this is that they're digging their own graves. Now that's poetic justice. Let them have their "loved leaders". Let them experience the accomplishment of orchestrating their own undoing. Poetic justice. Funny that "New York" actually had great meaning in the past. Now, New Yorker's are, at the very most, the least of us.

[forumcomments]

Oil prices have risen since Iran announced their plan to possibly block oil tankers. If oil stays were it is within a week or more gas will increase again. Oil has increased over 10%.

[TTacamo]

Interesting lead sentence. Yes, gas prices have fallen $0.60 in less than 3 months, but they are still higher than 6 months ago. I am certain that CBS covered the dramatic 3 month rise earlier this year with the same focus.

[wordwrkr]

Dear Michelle Miller (writer of this story): You don't need to use the $ sign and the word "dollar" both; one or the other will suffice.

[Letsthinkaboutthis]

Something to think about... Yeah the big oil companies made a handsome profit. That is what capitalism is... Exxon made 19 billion last year on sales world wide. We Americans use 375 million gallons of gasoline per day. That equates to 137 BILLION per year. The US government collects taxes of 18.4 cents on every gallon. That is over 25 BILLION in tax revenue. The states collect and average of 30.1 cents per gallon. That is an additional 41 billion is tax revenue for the states...

[mareyab]

the oil company ceo's should be tried as traders

[Hutterite]

Are so many new petroleum finds being brought online that are profitable at 20 bucks a barrell that it will satiate a developing middle class in China that is larger than the entire US population? No, I didn't think so. Fuel prices will rise and fall with economic conditions but there are two undeniable forces at play now. The product is becoming much more rare and difficult to bring to market, and there are a lot more new consumers out there.

[joe1022joe]

This media talk about "low gas prices" is a joke. Gas is $3.40 a gallon for regular. That folks is not cheap. And it will be headed back toward $4.00 a gallon soon.

[daclhill]

I am glad the gas prices are falling for someone. They are not droping here in Idaho.

[mryoubrian]

You got that right!

Oil drops 25% across the board and gas in Idaho drops 5%. Gas last month was $3.75 and now it has plummeted all the way to $3.61. What a deal!

Truth is that they are going to gouge us for ever penny that they can get. Exxon made 19 billion dollars profit last year and paid $0.00 in taxes. Not only that, they managed to get a 159 million dollar refund!

[Ulgnud]

Obama went on public TV advocating high gas prices in 2008. He then started manipulating the supply to make it so. But he now wants to be re-elected.I predict the gas prices will remain close to what they are now, even though they are still at price gouging levels. If he gets re-elected the prices will climb after Christmas. If Romney gets in I am not sure.

[mach1ponie]

It's Obama's fault...