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National Gas Prices Fall by 2 Cents: But Is It Time To Celebrate?

Photo courtesy of fiscalliteracy.com

Photo courtesy of fiscalliteracy.com

Industry analyst Trilby Lundberg said Sunday that the current average for a gallon of gas in the U.S. is $3.29, 2 cents lower than two weeks ago. This price is also 30 cents lower than it was this time last year. However, is it time to celebrate?

Though gas prices did just see a minor drop, this trend is not likely to hold. According to AAA, gas prices are set to rise this spring. Severe winter weather throughout most of the country has helped to keep demand low, which accounts for the recent price drop, but once winter ends, prices are expected to spike.

“There is a good chance that average gasoline prices this year will cost less than in 2013, but it is not going to be cheap,” said Bob Darbelnet, AAA president and CEO.

According to the company, travelers could potentially to see an increase of nearly 50 cents a gallon, with prices expected to top out around $3.75 per gallon. The increase will be in part due to seasonal maintenance that has implications on production.

The good news is that even with the spike likely coming in the spring, prices overall for 2014 are expected to be below the average of that in 2013, according to industry analysts.

For those looking to save on gas even if prices go up, there are some things that can be done to increase average MPG, according to fueleconomy.gov. For instance, taking the extra weight out of your car, driving the speed limit, using cruise control and avoiding rapid acceleration can all help to improve your average MPG and ultimately help to save money on gas.

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