Gas prices starting to drop

Summer gas prices drop from week to week

Published On: Jul 09 2012 05:20:57 AM EDT
DETROIT -

We started this year with the highest gas prices ever for the month of January and it looked like we only had one way to go... Up.
And that's what happened month after month.
But then summer came around and prices did the exact opposite. They started coming down.

The price of gas is lower than it's been for months but drivers aren't taking it for granted.

"I try to be more conservative about my errand running and whatnot. I try to take the bicycle, walk to and from the local establishments," says one motorist.

"It hurts the pocket, when you have 4 dollars, even 3-50 prices do hurt the pocket," adds another. "I'm still going to buy 20 gallons of gas, I'm going try to buy it from the cheapest station."

Fortunately drivers are watching summer prices drop from week to week.

"Usually we see gas prices start to go up a little bit before July 4th. And sometimes we see a pretty significant spike. And what we've seen is almost a 50 cent drop," says Charles Langley, utility consumer's action network.

A drop because people aren't filling up like they used to. Lifestyles may be changing and drivers are cutting back.

"On the one hand it's good news because gas prices are going down, on the other hand it does suggest an anemic economic recovery where people just aren't spending on gas," says Langley. "And typically in an election year we see prices go down, for whatever reason, prices almost always go down in a presidential election. And so we can probably expect to see lower prices for a few more months."

But it's important to keep in mind that our supply of fuel is still low and a problem at a major oil refinery or a threat to the oil supply overseas and all this could change over night.