Experts predict gas price reduction in coming weeks (w/ video)New York, NY (CNN) - The peak summer driving season is just weeks away, and already, analysts have some good news - the family road-trip might get a little cheaper. Alison Kosik is at the New York Stock Exchange with details.
By: Alison Kosik, CNN
New York, NY (CNN) - The peak summer driving season is just weeks away, and already, analysts have some good news - the family road-trip might get a little cheaper. Alison Kosik is at the New York Stock Exchange with details.
It's that time of year when kids start dreaming of the beach and parents think about kicking back and relaxing. If you're loading up the family SUV this summer for a trip, you might get a break on gas. Some analysts expect prices to fall.
Hard to say, but Tom Kloza, the chief oil analyst at gasbuddy.com says a 5 to 10 cent reduction in the next few weeks is possible. Right now, the national average for a gallon of regular is $3.67, the highest price of the year according to triple-a.
It's been a rough month for drivers. Gas prices jumped 12 cents in April. That's partly because of the crisis in Ukraine, and other things we typically see this time of year, like refineries shutting down to get ready to make the cleaner, summer blend of gas.
But Kloza says most of the issues that could push gas prices up are likely over - for now - and oil and gas inventories are near the highest point in decades. Because of that, the analyst thinks gas prices have probably seen their peak for at least the first half of the year.
So cross your fingers and hope nothing else pushes up prices - like a busy hurricane season.