After 40-plus consecutive business days of gas price increases, there finally seems to be a glimmer of light at the end of the tunnel. The average price for a gallon of regular unleaded gas decreased slightly from $3.966 to $3.960, according to the AAA Fuel Gauge Report. One week ago, gas prices were averaging $3.952.
Premium gas is currently at $4.231 a gallon, as of May 9, 2011. Diesel fuel is currently averaging $4.15 a gallon.
Analysts are unsure whether drivers are seeing a brief respite or the long-awaited signal that relief was on the way. Most experts believe that last week’s steep 15% drop in oil prices is the biggest factor influencing today’s gas price decreases, but the oil market’s rebound Monday had other analysts hedging their bets and suggesting that the pain at the pump may not be over soon.
On the New York Mercantile Exchange, West Texas Intermediate crude rose $5.37, or 5.5%, to close at $102.55 a barrel.
For companies who are being effected by the recent surges in gas prices, investing in a fleet tracking system may be a wise investment. A GPS-based fleet tracking system can help your company save time, money and immediately reduce fuel costs.