Oil prices continue to fall in summer. Good news for travelers

Oil prices continue to fall in summer. Good news for travelers (Alberta Times) U.S. oil prices are expected to continue to fall this summer. For those looking forward to summer travel, this...

Even if oil prices may rise in July and August, they will not return to prices above $4 or $5 per gallon. Toles, co-founder of Gasbuddy.com, a website for checking the retail price of gasoline in the United States, believes that although U.S. oil prices are still at historical highs, they are lower than the prices of a few months ago.

The average price of unleaded gasoline in the United States peaked at $3.91 per gallon in early April this year, Toles said. The average price on May 28 had dropped to $3.64 per gallon, a drop of nearly 7%, according to AAA. Experts predict that the average price of gasoline nationwide will drop another 10 cents per gallon in June before picking up toward the end of summer.

There are many factors that affect oil prices, and experts' predictions sometimes lose their accuracy because of this. According to Korosa, the chief oil analyst of the "Oil Price Information Service", global economic instability, the Greek election, concerns about European recession, the coming of hurricane season, and tensions over Iranian sanctions that may affect oil supply in the Middle East are all uncertain factors that may affect oil prices.

The performance of oil prices varies from state to state in the United States. Oil prices in the western states of Washington, Oregon and California have risen sharply in recent times due to various factors, including the closure of large refineries due to fires. For example, the average oil price in Tacoma, Washington, once reached $4.30 per gallon, which is 69 cents higher than the national average price. The average price of oil in Washington state on May 28 was $3.75, according to AAA.

The article said that although car owners were relieved that the price of oil unexpectedly dropped to less than 4 US dollars, the reality is that the price of oil is still at a high point, which still poses a considerable burden to consumers.