Gas prices expected to drop 50 cents by June - NBC12 - WWBT - Richmond, VA News On Your Side

Gas prices expected to drop 50 cents by June

RICHMOND, VA (WWBT) - The average price for a gallon of gas in Richmond is $3.86, a penny cheaper than Sunday, and if analysts are right the price of gas could fall 50 cents by sometime next month.

You'll start to see prices come down, but it's not going to plummet back to Earth overnight.

Analysts expect prices to drop a cent or two a day for the next few weeks. Not surprisingly, people at the pump say they'll take every penny they can get.

Doreen Dawkins stopped by the Wawa on Midlothian Turnpike to get some gas, but she didn't buy much, only two dollars worth.

Dawkins says she usually buys more than half a gallon, "a half a gallon will take me from point a to maybe d persay. I usually don't get only two dollars worth but at the moment, yeah."

Dawkins is like many drivers cutting back on driving to save money at the pump. Gas prices have surged over ninety cents since January, breaking the four dollar mark in many places.

But soon there should be relief. Gas may not drop below three dollars a gallon like we saw last year but it could drop about fifty cents a gallon by next month. That's music to the ears of Melody Gonzalez.

Gonzalez says she's happy to hear about the possibility of lower prices, " I'm so relieved. This mean no more ramen noodles for me."

Gonzalez spent seventy five bucks to fill up her car. Higher prices have forced her to cut back on how much she drives.

Gas prices have even affected other aspects of her life, " I've done a total lifestyle change. I'm keeping everything much closer to home now because the gas is so expensive so I can't wait to take a road trip this summer."

Experts say falling demand in the U.S. and an increase in gasoline production are helping to bring down the price.

Gonzalez says the drop comes just in time for the summer, "this time of year we like to point the car in a direction and just go so it's been hard keeping it so close to home so yeah we can't wait. We're ready to go."

Copyright 2011 WWBT NBC12. All rights reserved.

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