Summer Gas Prices Could Remain Down

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It looks like gas prices are on their way down -- instead of heading up for the usual summer spike.

It's a welcome change for families who often see the price of gasoline cut into their summer vacation funds.

Usually gas prices peak by Memorial Day, the typical start of the summer vacation season. But experts claim prices have likely peaked already. They say rising supplies and concerns about the global economy have caused the drop in prices.

This worldwide concern has seen the wholesale price of gas fall by 22 cents a gallon since last week.

"Gasoline supplies are about as good as they've ever been going into the summer driving season," says oil analyst Phil Flynn of PFGBest in Chicago.

One industry analyst says the national average this summer could fall below last summer's peak of $2.70 for a gallon of regular unleaded gasoline.

In July 2008, the retail price of regular gasoline peaked at $4.11 a gallon.

EIA's Tancred Lidderdale said a resolution to the debt crisis in Europe, a decline in the dollar and fresh signs of global economic growth could send oil prices back up.

"The market is volatile," he said.

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