After roaring higher for most of 2012, the national retail average for gasoline dropped steadily since peaking on April 6 at $3.94 per gallon, according to Wright Express (WEX). It starts in May at $3.81 per gallon — nearly 14 cents below where it started in May 2011, the April WEX report states.
Most experts predict that prices could get as low as $3.50 per gallon as it is typical for prices to fade by about 10% after the spring peak.
Meanwhile, diesel prices are already above the threshold averaging $4.10 per gallon. Analysts believe that diesel prices will likely soften near-term but think prices could spike in the second half of the year, thanks to strong global demand and low supplies in the U.S.
For last month's report, click here.
The national average price of a gallon of unleaded gasoline increased 1 cent to $2.88 for the week ending July 16 and has climbed 3 cents since the Fourth of July holiday, according to AAA.