Nice independence from higher gas prices - FOX13 News, WHBQ FOX 13

Nice independence from higher gas prices

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MEMPHIS, Tenn. (FOX13) -

Gas prices have actually dropped nationally during the past few days. According to AAA the savings are only a nickel a gallon in the Mid-South, but this is the time of year when you expect prices at the pump to jump.

Few experts can explain the reasons why we are seeing a discount but they warn it won't last.

"I really haven't seen much of a decrease, maybe a nickel or so," said one Mid-South motorist.

But there is a savings to crow about anytime gas prices take a dip, even if it is a only a nickel in the Memphis area.

"It is definitely beneficial for the gas prices to go down for students," said another motorist. "It helps us to get through school."

Now that it's summer, usually gas prices go up and not down as millions of drivers will take to the road for the July 4 extended holiday weekend.

"We will probably be feeling the effects of it later, but right now the price $3.39, that's pretty good," said another motorist.

Several drivers are surprised and so are the experts. They don't have an explanation other than it has happened every year since 2011.

"We have the increased tension in the Middle East, Syria and Egypt as well," said Jessica Brady with AAAA. "We have an increased demand for gasoline in the United States. All of those factors tend to push oil prices higher when these things happen. Gas prices usually follow but that has not been the case."

Like most good things, they don't last forever. Tuesday evening the Associated Press reported oil has topped $100 a barrel for the first time since September 2012 as turmoil in Egypt raises supply concerns.

In addition Brady with the AAA said just days after the Independence Day holiday, gas prices are expected to creep back up.

"Enjoy the break while you got it," she said. "It's good news that we are seeing gas prices drop."

The cheapest gas Tuesday evening reported across the Mid-South was $3.12 a gallon.


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