Reporting Mike Dougherty
by Mike Dougherty
PHILADELPHIA (CBS) — Gas prices are on the decline, just in time for start of the summer driving season.
You may have noticed the tumbling gas prices in the Philadelphia area. They are dropping on a weekly basis, despite previous predictions of $4 a gallon by Memorial Day. And crude oil prices are still falling.
As a result, analysts lowered their summer outlook by 16 cents and some believe that we’ll see average prices at or below $3.50 a gallon by 4th of July.
According to Triple-A Mid-Atlantic, Pennsylvanians are currently paying $3.73 for a gallon of regular on average, nine cents less than last week and down more than 25 cents from last year.
In South Jersey, the average price for a gallon of regular is $3.63, down a nickel from last week and almost a quarter less per gallon than last year.