Gas prices may be nearing their peak - WALB.com, Albany News, Weather, Sports

Gas prices may be nearing their peak

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By Wainwright Jeffers - bio | email

ALBANY, GA (WALB) - It's the first day of summer and now is the time of year when many families hit the road on summer vacation.

Gas prices may slow them down but according to Triple-A, retail gas prices may be nearing their peak.

A few drivers told WALB despite prices being lower than last year; they'll still drive less this summer.

Be it $15, $20, or $30 we're getting more gas at the pump than we were this time last year.

Some drivers still don't like the numbers.

"I don't like it I would like to see them lower," said Chris Duncan, Lee County.

"They need to bring it down," said Bobby Thomas, Columbus.

Last week the average price of gas rose by the smallest increment since the beginning of May.

The average price across the state at $2.55, down $1.44 from the same time last year.

Nevertheless some drivers continue to keep an eye on how far they drive.

"We've really cut back on our traveling since gas prices really went up," said Duncan.

Others are rethinking summer vacation plans.

"With prices as high as they are you really can't take your kids on vacations like you want to because you can't afford the gas," said Thomas.

The Department of Energy reported a surplus of fuel and overall demand remains weak, consumers can't understand why the prices at the pump don't reflect it.

"It's more of a forward looking reaction they seem to expect that demand to increase," said Duncan.

"I think if the gas balanced out it would help stimulate the economy a little bit," said Thomas.

With prices expected to plateau in the coming weeks no one can accurately predict if prices will ever get much lower.

"In Germany gas is like $5 or $6 per gallon and here in the U.S. we got comfortable paying those low prices, that caused the economy to get as bad as it is," said Thomas.

"This is what we expect now we're really getting use to the summer spike then it kind of goes down a little bit," said Duncan.

While some decided whether they'll pack up and roll out this summer others are simply pumping enough to get to get them where they need to go.

"My friends tend to put just enough gas in to get to where they have to go because with prices fluctuating, it's up today and then tomorrow it drops 8 or 9 cents and that makes a difference," said Thomas.

On Friday crude oil prices closed at $2.49 less than they did the week before, taking the prices per barrel of oil to $69.55.

 

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