Gas prices have peaked – $3.70+ is the new normal

This year’s surge in gasoline prices appears over, falling short of the record highs some had feared heading into peak summer driving season.

Prices have held at a national average of $3.92 a gallon the past week, below 2011’s $3.99 high and July 2008’s record $4.11.

“By the behavior of the market, things are just running out of steam,” said Patrick DeHaan, senior analyst for price tracker gasbuddy.com. “Barring any major event — refinery problems, Iran — I think prices have peaked.”

DeHaan said the national average could dip to $3.70 a gallon by early May.

via USA Today

 

High in national average each year.