Gasoline prices have familiar look as summer nears

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Associated Press

Posted on May 22, 2014 at 9:03 AM

Updated Thursday, May 22 at 9:12 AM

NEW YORK (AP) — The price of gasoline should look familiar to many drivers this Memorial Day. For the third year in a row, the national average will be within a penny or two of $3.64 per gallon.

Steady gasoline prices are largely the result of crude oil prices that have remained steady too, as rising output in the U.S. and elsewhere have offset declining production in OPEC countries such as Iran and Libya.

The national average masks big price changes in some regions, though. Drivers in the middle of the country are paying far less than they were last year, while drivers on the coasts are paying more.

Analysts expect the national average price to slide lower through the beginning of the summer.

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