Gas Prices Down, But What Does Future Hold?

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Gas prices are going down and they may hit the lowest levels in a year.

More than 32 million Americans are expected to pack their bags and travel this Memorial Day weekend and for those traveling by vehicle, paying for gas will not be much of a burden.

According to the American Automobile Association, the average price for a gallon of regular is $2.74. And analysts said some regions may see gas prices as low as $2.50.

It is good news for now, but for the long term the U.S. faces serious oil and energy problems.

Offshore drilling is one solution, but situations like the oil leak disaster in the Gulf of Mexico raise serious questions about the future of drilling in the U.S.

President Barack Obama has temporarily banned deep water drilling while a commission studies the disaster. He is traveling to the Louisiana coast on Friday to see the latest damage for himself.

Obama is working to temper growing public dissatisfaction with the way the federal government has handled the crisis.

"I don't think the federal government is doing a whole lot," said Gulf Coast resident gary Uplinger. "The spill was an unfortunate accident which can occur again. I really think that the petroleum companies as big as they are and as much money as they make should have planned ahead for some thing like this, you know, to happen."

While British Petroleum must pay to clean up the mess, the Obama said his administration is taking the lead.

"BP is operating at our direction," Obama said. "Every key decision and action they take must be approved by us in advance."

Decisions that will affect the health of the Gulf Coast and future of energy production.

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Jennifer Wishon

CBN News White House Correspondent

Jennifer Wishon is the White House correspondent for CBN News based in the network’s Washington, D.C. Bureau.  Before taking over the White House beat, Jennifer covered Capitol Hill and other national news, from the economy to the 2010 oil spill in the Gulf of Mexico.  Follow Jennifer on Twitter @JenniferWishon and "like" her at Facebook.com/JennWishon.