Prices at gas pumps across the country are averaging $3.62 a gallon in many states, according to Gasbuddy.com. The lowest price is in Arkansas where gasoline prices are $3.36 a gallon. Gas jumps to $3.43 a gallon in Texas, $3.86 in New York and as high as $4.12 in California. The highest gas is in Hawaii at $4.35.
Regular gasoline retail prices will continue to stay within this range and is projected to reach an average of $3.61 per gallon during the summer months of April through September, the Energy Information Administration said. The annual average regular gasoline retail price was $3.58 per gallon in 2013.
Gasoline prices should continue to retreat, said Chris Faulkner, CEO of Breitling Energy, a Dallas oil and gas exploration and production company.
The company's energy models predict gasoline prices to be at or slightly below last year's levels for the holiday weekend, Faulkner said. The factor leading to declining gasoline prices can be attributed to the fact that crude oil supplies in the Gulf Coast are continuing to put downward pressure on the price of gasoline as demand reached its highest level since 2009.
"I don't see us reaching those levels again even in the mid-to-long term markets," Faulkner said. "Most folks have noticed that gasoline prices have been declining since the beginning of May, which is typical as we conclude the refinery maintenance windows to begin the switch over to producing summer-blend fuel. With this transition now complete, falling averages are indicative that gas prices have reached their peak for the spring in many parts of the country."