Have prices at the pump peaked? - KMOV.com

Have prices at the pump peaked?

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By Belo Content KMOV By Belo Content KMOV

ST. LOUIS (KMOV / AP) -- You've heard the frightening stories about the price of a gallon of gas hitting $5 in the near future, but now some analysts say if the price of crude oil stays steady we may have seen prices peak at the pump.  "If crude oil will stay there it is then gasoline prices will peak very, very quickly, if they have not done so already," survey editor Trilby Lundberg says.

In the St. Louis area we're seeing the price of a gallon of gas ease up a bit.   On the Illinois side it was not uncommon to see the price back down below $4 a gallon this past weekend.  

Overall, however, gasoline prices keep on climbing. The average price of a gallon nationwide jumped nearly four cents over the past two weeks. The latest Lundberg Survey of fuel prices puts the price of a gallon of regular at $3.97. 

Check gas prices in your area.

Lundberg says prices are dropping in many markets in the West and Midwest.

Lundberg also says significant unused capacity exists at U.S. refineries in case demand spikes.

"We are heading into the stronger demand season, but with all that unused capacity there should be a continued abundance of gasoline supply," Lundberg says.

The highest and lowest average prices in the Lundberg survey were just up the road, and down the road, from St. Louis.  Chicago had the highest average among cities covered by the survey at $4.45 a gallon.  Tulsa had the lowest at $3.66.

The Associated Press contributed to this report.

 

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