Gas prices are dropping as the summer goes on, but will this trend continue?
Drivers should enjoy cheaper fill ups while they can before the prices start climbing again this fall according to Dr. Ben Meadows, an assistant professor of economics at UAB.
Gas prices in the Birmingham metro decreased $1.23 on average since this time last year according to a weekly update compiled from AAA data on online data site Stacker.
This national trend is anticipated to continue for at least a couple of months, according to GasBuddy (a gas station locator site) analyst Patrick De Haan, who said that national average gas prices could drop below $3.00 a gallon by the summer’s end according to a CNBC article cited by Stacker.
Meadows, who predicted that prices would continue climbing throughout the summer months in a conversation with the Lede in April, said that it can be difficult to anticipate gas price trends. But he expects that they will begin to increase again this fall.
“Gasoline prices have a dynamic, wildly fluctuating behavior (as we’ve seen in the past few years!),” Meadows wrote in an email to the Lede. “While the 6-cent decrease over the past week is a small win for consumers, it is unlikely to last.”