Gas prices could reach a 12-year low this week, according to GasBuddy, a tech company that operates apps and websites based on finding cheap gasoline.
"With only marginal increases over this past Memorial Day holiday, there's a good chance U.S. pump prices may now fall below prices recorded for this time of year, stretching back to 2005, should average U.S. pump prices fall below $2.32 a gallon later this week," GasBuddy senior petroleum analyst Dan McTeague told Fox Business Network.
The national average fell to $2.37 per gallon on Tuesday, about a penny less than last week. Several states reached 12-year lows on Memorial Day, including Ohio, Indiana, Illinois, Michigan, Georgia, Kentucky, Tennessee, North Carolina, Alabama, Maine, Missouri and Iowa.
The U.S. Energy Information Administration projects that U.S. gas prices will average $2.40 through the summer. Gas prices have stayed relatively low because of comparatively low crude oil spot prices, high gasoline inventories and weaker demand for gas every year.
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