Gas Prices Fall Slightly, But Still 39% More Expensive Than Last Year

May 31, 2011 5:16pm

ABC News' Dan Arnall (@abcmoneyguy) reports:

The Energy Department reports today the national average price of gasoline fell six cents during the past week. Drivers who filled up during the Memorial Day weekend saw pumps posting an average of $3.79 a gallon.

Even with the recent drop in gas prices, drivers are paying 39% more than they were a year ago ($2.73 a gallon).

A weaker dollar and shutdown of a pipeline in Kansas helped move oil prices higher today, hinting that the recent respite in gas prices might reverse in the coming weeks. Crude oil added $2.11 to settle at $102.70 per barrel on the New York Mercantile Exchange at the close.

Should Friday’s May jobs report come in better than the 185,000 new jobs economists are expecting, there would likely be fuel for a quick uptick in retail gas prices.


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