According to Phil Flynn, Vice President and Senior Market Analyst at Alaron Trading, gas prices nationwide have been recently reduced about $.05 per gallon and he says this is just the beginning. He predicts that gas prices could go down to $3.50 a gallon by Labor Day (Sept. 1st).
According to CBS2′s article,
“We saw a substantial drop in the price of crude oil, which it appears gas station owners were in a hurry to pass on to consumers,” said Phil Flynn, Vice President an Senior Market Analyst at Alaron Trading.
“So often we hear gas prices rise like a rocket and drop like a feather, this time, they’re starting to drop like a rock and that’s a good thing,” Flynn said.
That’s partly because demand is down about 4 percent from where it usually is. Many people have put the brakes on driving this summer because it costs too much.
“We could see $3.70 in the city and if we get really lucky, maybe $3.50 by Labor Day,” Flynn said.
Yes, there is a fine line between educated speculation and full on media whoring, but does Phil look like the kind of guy who would simply say what we all want to hear, just to get his name in the news? Ok, don’t answer that.