Gas Price Average Settles Slightly Lower
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iStockphoto/Thinkstock(NEW YORK) — Gas prices have taken a breather from their steady climb since January of this year.
The average price of a gallon of regular gas is $3.939, down two-tenths of a penny from a week ago and up 15 cents from a year ago, according to the Department of Energy.
While gas prices may yet move a bit higher in coming weeks, analysts do not expect them to test the highs set in the summer of 2008.
Denton Cinquegrana, an editor with the Oil Price Information service, says that, barring a conflict in an oil-producing country, “we are probably in the seventh or eighth inning of this run-up in gas prices.”
The highest-ever weekly average price was $4.11 in July 2008, per Energy Department data going back to 1990. Adjusted for inflation, that would be $4.35 in today’s dollars.
Meanwhile oil settled at $102.46 a barrel in New York trading Monday, down 85 cents.
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