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Gas prices, now averaging $3.92 a gallon, may have peaked

USA Today -- This year's surge in gasoline prices appears over, falling short of the record highs some had feared heading into peak summer driving season.

Prices have held at a national average of $3.92 a gallon the past week, below 2011's $3.99 high and July 2008's record $4.11.

"By the behavior of the market, things are just running out of steam," said Patrick DeHaan, senior analyst for price tracker gasbuddy.com. "Barring any major event — refinery problems, Iran — I think prices have peaked."

DeHaan said the national average could dip to $3.70 a gallon by early May. Typically, prices peak shortly before Memorial Day.

Providing relief at the pump: slumping crude oil and wholesale gas prices and lower consumer demand. Benchmark West Texas Intermediate crude oil fell 1.4% to $101.02 barrel Tuesday

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Submitted Apr 11, 2012 By: brbaritone

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RonTheRunner77 Veteran Author Michigan Posts:343 Points:119,115 Joined:Dec 2011	Message Posted: Apr 11, 2012 11:42:07 AM Ignore RonTheRunner77 Report Abuse it's on it's way down here !
glorioussnookie Champion Author Tennessee Posts:3,761 Points:699,370 Joined:Feb 2010	Message Posted: Apr 11, 2012 11:07:57 AM Ignore glorioussnookie Report Abuse I sure hope they have!! I honestly don't see how we could have taken any higher prices! we are all in the poor house now through these prices! Air Hugs from Paris, TN!! TOL!!!
gs7101 Champion Author San Antonio Posts:5,513 Points:387,470 Joined:Jun 2009	Message Posted: Apr 11, 2012 9:42:34 AM Ignore gs7101 Report Abuse Let's hope so!
MontanaMac Champion Author Washington Posts:1,736 Points:410,050 Joined:May 2011	Message Posted: Apr 11, 2012 9:38:51 AM Ignore MontanaMac Report Abuse Another WAG contrary to recent history and evidence.
knutzAL Champion Author Alabama Posts:2,248 Points:372,680 Joined:Feb 2012	Message Posted: Apr 11, 2012 9:32:49 AM Ignore knutzAL Report Abuse In Birmingham we have seen a very small drop, @ 4 - 3 cents a gallon, in the past three days! Maybe Bammers energy policy is finally working!
blupupher Champion Author Houston Posts:3,540 Points:746,095 Joined:Feb 2011	Message Posted: Apr 11, 2012 9:31:45 AM Ignore blupupher Report Abuse lets hope so
car253 Champion Author Ohio Posts:6,288 Points:1,467,645 Joined:Oct 2008	Message Posted: Apr 11, 2012 8:58:42 AM Ignore car253 Report Abuse Another W.A.G.
TruthMatters Champion Author New Jersey Posts:2,515 Points:532,260 Joined:Oct 2011	Message Posted: Apr 11, 2012 8:56:12 AM Ignore TruthMatters Report Abuse That's certainly good news (if it turns out to be true) for the short term, but we still need to be off the oil addiction that continues to plague us.
angel4me Champion Author San Jose Posts:2,814 Points:793,045 Joined:Dec 2010	Message Posted: Apr 11, 2012 8:01:25 AM Ignore angel4me Report Abuse just beginning its rise !!!
jrs4125 Champion Author Indiana Posts:2,748 Points:589,795 Joined:Sep 2011	Message Posted: Apr 11, 2012 8:00:07 AM Ignore jrs4125 Report Abuse Gouge the consumer until they say uncle, or until they have to choose between getting to work or paying their mortgage. NO controls needed here.
cdrrod Champion Author Wisconsin Posts:4,144 Points:781,825 Joined:Feb 2006	Message Posted: Apr 11, 2012 7:56:20 AM Ignore cdrrod Report Abuse Ay what you will, it's still a roller coaster ride with our wallets...
EricBrazil Champion Author Miami Posts:2,127 Points:470,525 Joined:Nov 2011	Message Posted: Apr 11, 2012 7:54:48 AM Ignore EricBrazil Report Abuse Fluffy article
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: Apr 11, 2012 7:46:20 AM Ignore GingoutMD Report Abuse "Peaked" implies there is a downward trend next. Not until I see the prices going down steadily will I believe that.
humblepie Champion Author Toledo Posts:34,122 Points:2,369,420 Joined:Mar 2006	Message Posted: Apr 11, 2012 7:38:28 AM Ignore humblepie Report Abuse false hope
dorisntx Champion Author Fort Worth Posts:2,079 Points:643,605 Joined:Apr 2011	Message Posted: Apr 11, 2012 7:36:40 AM Ignore dorisntx Report Abuse ok
gazprize Veteran Author Toronto Posts:483 Points:125,120 Joined:Jan 2012	Message Posted: Apr 11, 2012 7:31:44 AM Ignore gazprize Report Abuse hopefully
sailfreeMI Champion Author Michigan Posts:2,291 Points:457,075 Joined:Jul 2011	Message Posted: Apr 11, 2012 7:30:31 AM Ignore sailfreeMI Report Abuse Let's hope so.
Yooperheart Champion Author Michigan Posts:3,405 Points:525,075 Joined:Feb 2010	Message Posted: Apr 11, 2012 7:26:19 AM Ignore Yooperheart Report Abuse So we are to get a slight reprieve till Memorial weekend.
Rockinrobby Veteran Author Tallahassee Posts:444 Points:276,990 Joined:Mar 2011	Message Posted: Apr 11, 2012 7:21:01 AM Ignore Rockinrobby Report Abuse opinions...everybody's got 'em.
Joeski1 Champion Author New Jersey Posts:9,984 Points:1,739,885 Joined:Dec 2004	Message Posted: Apr 11, 2012 7:20:13 AM Ignore Joeski1 Report Abuse no... hasn't peaked yet..... they want the magic $4 mark so we can all get used to it for a a while... then $3.50 will look like a big break... the oil industry is simply 'playing' the public..... get used to being used....
Pozole Champion Author Portland Posts:9,584 Points:1,592,570 Joined:Mar 2005	Message Posted: Apr 11, 2012 7:15:50 AM Ignore Pozole Report Abuse ...HA !...the last article on which I commented said gas up another 6% by summer...I'd rather believe this article, BUT...
ggt49 All-Star Author Grand Rapids Posts:665 Points:532,315 Joined:Apr 2010	Message Posted: Apr 11, 2012 7:11:25 AM Ignore ggt49 Report Abuse Don't bet on it. Speculators will find a reason to keep prices high.
johntxx Champion Author Texas Posts:2,766 Points:614,145 Joined:Aug 2011	Message Posted: Apr 11, 2012 7:09:58 AM Ignore johntxx Report Abuse Let's hope so. I'm ready for falling gas prices.
nfldude Champion Author San Diego Posts:3,857 Points:443,855 Joined:Dec 2011	Message Posted: Apr 11, 2012 7:02:26 AM Ignore nfldude Report Abuse election time
Rockyguitar Champion Author Tampa Posts:2,552 Points:1,199,745 Joined:Sep 2008	Message Posted: Apr 11, 2012 6:57:12 AM Ignore Rockyguitar Report Abuse "May have peaked" Not sure about this one.
el_fr Champion Author Massachusetts Posts:3,327 Points:742,750 Joined:Apr 2011	Message Posted: Apr 11, 2012 6:50:01 AM Ignore el_fr Report Abuse Maybe for now is all
JohnofGB Champion Author Flint Posts:5,411 Points:1,094,245 Joined:Feb 2010	Message Posted: Apr 11, 2012 6:50:01 AM Ignore JohnofGB Report Abuse They should have never gotten that high to begin with given the abundance of crude.
pscamp Champion Author Ottawa Posts:3,256 Points:472,110 Joined:May 2011	Message Posted: Apr 11, 2012 6:44:33 AM Ignore pscamp Report Abuse PLease.....
OTISFL Champion Author Pensacola Posts:4,595 Points:862,890 Joined:Apr 2009	Message Posted: Apr 11, 2012 6:44:26 AM Ignore OTISFL Report Abuse HIGHLY DOUBT THEY HAVE PEAKED--just look at the gas prices and they aren't going down.
brbaritone Champion Author Virginia Posts:2,063 Points:1,696,210 Joined:Jan 2007	Message Posted: Apr 11, 2012 6:44:13 AM Ignore brbaritone Report Abuse The article continues: a two-month low on fresh signs that U.S. oil inventories are rising and another selloff on Wall Street. In a Tuesday forecast, the federal Energy Information Administration predicted prices will average $3.95 a gallon through September and could peak at $4.01 in May. But those estimates reflect crude oil at $110 a barrel. EIA is forecasting a bit of a break in 2013 prices — $3.73 a gallon. That's 8 cents lower than this year's $3.81 average, but 20 cents higher than 2011 prices. Signs that the global economy is slowing should keep a lid on short-term prices, said Telvent energy editor Brian Milne, who notes that crude oil imports in China fell 6% in March. There's also optimism that the political tensions with Iran — which boosted crude oil prices by $15 to $20 a barrel on speculative trading — could soon ease, Milne said. Gas prices in some of the nation's priciest markets, such as Los Angeles and Chicago, have already dropped 12 to 20 cents a gallon. That adds "confidence that the overall market is heading down," said industry tracker Trilby Lundberg of the Lundberg Survey. "Even if demand were to surge, we have flush supplies, a lot of refining capacity and repeated assurances that Saudi Arabia would step in and hike production if there are problems with Iran." Tom Kloza, of the Oil Price Information Service, said gas prices could spurt on unexpected news, but says fears of skyrocketing prices are unfounded. "Perhaps its time to call out all of those false prophets who thought that $5 gas was a certainty," he said.