Commodities Corner: AAA forecasts a decline in summer gas prices

The summer driving season has just begun, but gasoline prices at the pump may be ready to drop following steep declines in the price of crude oil.

In a report released Thursday, motorist and leisure travel group AAA said drivers may have already seen the highest prices of the year and eventually mark a summer average below that of last year’s, which averaged $2.87 a gallon from Memorial Day to Labor Day.

“AAA forecasts gas prices to be at least a dime cheaper [from current levels] through end of summer for a majority of motorists” to a national average of $2.70 a gallon for the season, said Jeanette Casselano, a spokeswoman for AAA, adding that prices had already dropped a dime since the beginning of May.

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