How Low Can You Go: Experts Predict Gas Prices On The Decline

The experts recently predicted gas prices of up to $5 a gallon by summer’s end, and with the recent spike in prices, their predictions seemed believable and foreseeable.

But, now according to experts, gas prices may be back on a (slow) decline. They suggest that after “peaking” gas prices are now making their way down as a result of increasing imports and rising stocks.

And, according to some analysts prices are expected to stay on a slow decline until the end of summer, of course, barring any supply interruptions.

According to The American Automobile Association, average gas prices on Long Island reached $3:29, just a little below the previous $3:30 from a week prior, and that was just 4.3 cents shy of the record setting average of $3.34 back on September of 2005.

However, the new average remains at 12.6 higher than the $3.16 just last year.

Other officials weighing in on the situation suggest that high gas prices have resulted in increased imports from refineries abroad, and that has resulted in a loosened up the grip in supply taking some pressure off retail sales.

And, the U.S Department of Energy hails imports for bailing us out.

Yet, experts till have their “doubts” and concerns noting that we’re not quite out of the woods yet.

They add, that unless we experience some unforeseen disruption we’ve probably seen the highest of this year’s gas prices.