US drivers got a slight — very slight — break on prices this weekend as the AAA average for a gallon of unleaded gas fell below the $5 mark.
The average price Sunday was $4.98 a gallon, down from $4.99 in Saturday’s reading. The average gas price had been $5 or above for the previous seven days, the first time on record prices crossed that mark. It hit a high of $5.02 a gallon on Tuesday and has declined by a fraction of a penny each day since then. But drivers shouldn’t get too excited. Beyond the fact that the drop from $5.02 a gallon to $4.98 saves only 80 cents on a 20 gallon fill-up, it’s very likely this is only a temporary retreat in gas prices. With many schools about to let out and the summer travel season about to get into full swing, demand for gas — and prices — are likely to start climbing again soon. The average price of gas could approach $6 later this summer given current market fundamentals, said Tom Kloza, global head of energy analysis for OPIS, which tracks gas prices for AAA.
