Tony Lowry, a student at Howard University, has been driving his 2003 Osmobile Alero less in the past six months. But it is not because he is become bored with his speed machine. Gas prices have simply become too high for him.
There may be good news on the way for Lowry and other Americans.
The average price for gas is at $2.29 a gallon which is 19 percent over what it was three years ago according to Reuters. But in an interview with Reuters, Trilby Lundberg, editor of the Lundberg survey, said they may be peaking.
“The reason that gasoline prices surged another 19 cents was that gasoline was catching up to earlier crude oil price hikes and refiners were passing on higher costs for manufacturing gasoline,” Lundberg said in an interview with Reuters.
Because crude oil prices fell last week, the high gas price may peak, Lundberg told Reuters.
“If crude oil prices do not rebound, then gasoline prices might be drifting down from here,” Lundberg said, citing the price of WTI crude futures to Reuters.
If prices do peak, this is good news for college students like Lowry.
“Now I walk and take the metro instead of driving,” Lowry said. “I’m looking forward to the prices not getting any higher because of summertime and I would really love to sport my ride.”