Gasoline: How low it will go

Experts say prices could fall by over 50 cents a gallon by July 4; after then, everything depends on hurricane season.

NEW YORK (CNNMoney.com) — After setting record highs less than a month ago, gasoline prices are on the way down.

Experts say motorists can expect gradually declining prices from now until July 4. After the Fourth, and barring any unforeseen event like war with Iran, the cost of gas will largely depend on how the hurricane season shapes up.


Nationwide average retail prices have fallen from a record high of $3.23 a gallon at the end of May to about $3.07 as of Tuesday, a drop of roughly 5 percent, according to the motorist organization AAA. The government reported a similar decline in its latest weekly survey.

Prices for gasoline futures on the New York Mercantile Exchange have fallen much further.

CNN