Gas is 24 cents/gallon cheaper since Memorial Day

Friday, July 1, 2011, Vol. 35, No. 26

NEW YORK (AP) — Call it an Independence Day discount.

Gasoline prices usually peak in the summer. This year, however, the peak occurred so early — on May 5 — that the subsequent slide in pump prices has made gasoline an average 24 cents per gallon cheaper than what it was on Memorial Day.

The national average now stands at $3.55 per gallon. That's the cheapest gasoline has been since late March. It's still higher for this time of year than any other year except 2008, however.

Prices have persistently declined since May, following a similar drop in oil prices.

Benchmark West Texas Intermediate has given up 16 percent since the beginning of May. The contract for August delivery lost another $1.11 to $94.31 per barrel on the New York Mercantile Exchange.