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Summer Break For Gas Prices? Big Drop Expected By Memorial Day

LOS ANGELES (CBS) — An expected dip in gas prices could bring some welcome relief to your wallet ahead of the Memorial Day weekend later this month.

Gas prices on average have gone up $1.15 per gallon in the Los Angeles area over the last year, including an 11-cent jump in the last month.

But as KNX 1070's Jon Baird reports, one oil industry analysts expects prices to begin to decline over the coming weeks.


"The price of oil is back below $100 a barrel, so that should mean that we should continue to see dramatic price falls when you pull up to the pump," said oil industry analyst Phil Flynn.

Flynn predicts a drop of 15 cents a gallon before Memorial Day weekend, and up to 30 cents afterward.

The average price is a half-cent more than one week ago, 13.8 cents above what it was one month ago and $1.129 greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.

Analysts estimate that a 50-cent drop in prices would save U.S. drivers a total of $189 million every day.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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