Decreasing Demand, Falling Oil Prices Lead To Gas Price Dip

The road trip activity that goes hand in hand with the end of the school year tends to drive up gas prices, but drivers are instead finding a bit of relief at the pump. Thanks to a drop in demand, an expected increase in production and fading crude prices, U.S. gas prices have dropped 4 percent over the past three weeks.

Reuters reports a survey found that the national average gas price was $3.74 Friday, down from $3.91 May 20. According to the survey’s editor, high unemployment may be a cause of the slipping demand, because those who are out of work don’t need to fill up as much due to their lack of commuting. There’s also little doubt that lacking income decreases the urge to go off on expensive, gas-guzzling car trips.

Have you cut back on gas use? And how far have prices dropped for you?

US gas prices fall on less demand, Saudi output-report [Reuters]