It looks like the nearly six-week run in lower gasoline prices is just about over.

Gasoline prices have dropped about 8 percent since hitting $2.93 per gallon on May 6 on the back of lower oil prices. Pump prices fell 0.3 cents to a national average of $2.69 a gallon Monday, according to AAA, Wright Express and Oil Price Information Service.

Prices are now about the same as the 2009 peak.

“We may wobble down another nickel or up a nickel, but what you see now on the street probably will be close to what you pay for July Fourth weekend,” said OPIS’ Tom Kloza.

Kloza expects that prices likely will climb beginning in July as hurricane season starts in earnest and as new investments are made in crude for the third quarter.

Gasoline prices have dropped 2.6 cents in the past week and are 17.9 cents below where they were a month ago. Prices are 3.5 cents higher than a year ago.

Motorists have benefited as oil prices fell since reaching an 18-month-high of $87.15 a barrel in early May. Worries over the European debt crisis, a big drop in stock prices and a stronger dollar helped push oil below $70.

Prices have since come back, with benchmark crude for July delivery rising $1.34 to settle at $75.12 a barrel Monday on the New York Mercantile Exchange.

 


Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.