Summer Gas Prices Remain Below Projected Levels
UNDATED -- Last year Americans drove more miles than any year in history and we are on pace to break that record this year.
Despite the increased vehicle travel in the United States, gas prices remain below projected levels this summer. AAA Minnesota's Gail Weinholzer says part of the reason prices are staying down is the increase in domestic oil production...
What's been helping us of course, is the increased production nationally both from oil rigs and fracking fields. It means the supply which has been cut by OPEC has been picked up domestically quite successfully.
Weinholzer says gas prices were predicted to top out at $2.70 a gallon for regular unleaded by the July 4th holiday. Now, she says the estimated high is closer to $2.50 a gallon.
Prices should remain low according to Weinholzer, unless hurricanes interrupt the oil production or refinery operations in the gulf coast later this summer.