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MILWAUKEE -- Drivers have worried $4 per-gallon gasoline would be just the start of a long summer of pain at the pump, but prices have recently fallen to $3.75 per-gallon, and experts say they'll likely continue to fall if the market stays the same.
Ebony Adams is among many drivers who have had to adjust their budgets to account for rising gas prices. Even if it's short-lived, drivers say cheaper gas is a relief! "I'm very happy. I can go a couple more places now and get a couple extra things I haven't been able to because gas has gone up," Adams said.
Experts say the decrease can be traced to slow-growing economies in the U.S. and around the world. With less demand for oil, the price dropped $10 a barrel over the last two years alone. "Those savings in crude oil and raw product filter into the finished gasoline products, and that's what you're seeing in the Milwaukee area right now," Erin Roth with the Wisconsin Petroleum Council.
Roth says the drop in oil prices will lead to cheaper gas. However, that can change as soon as the next day with things like turmoil in the Middle East or an accident in the Gulf Coast that could raise prices overnight. Roth says drivers should take advantage of cheaper gas while they can!
"If I were to fill my tank up and I've seen prices fall today, I wouldn't be too concerned that they'll go down again tomorrow," Roth said.
Roth says AAA hasn't yet released its Memorial Day weekend estimates, but barring any sudden shifts in the market, experts say we can expect to see gas prices drop over the next few days. However, it is too early to say how things will shake out for the remainder of the summer.
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