Gas prices drop nearly 20 cents in the past week

gas pump
File Photo. (MGN/WikiCommons)

FORT WAYNE, Ind. (WANE) – Average retail gasoline prices in Fort Wayne have fallen 18.6 cents per gallon in the past week, averaging $3.54 a gallon on Sunday, May 3, 2014 according to GasBuddy’s daily survey of 201 gas outlets in Fort Wayne. This compares with the national average that has fallen 1.4 cents per gallon in the last week to $3.64 a gallon according to gasoline price website GasBuddy.com which powers wane.com’s Gas Gauge.

Including the change in gas prices in Fort Wayne during the past week, prices Sunday were 18.8 cents per gallon lower than the same day one year ago and are 1.1 cents per gallon lower than a month ago. The national average has increased 9.2 cents per gallon during the last month and stands 13.4 cents per gallon higher than this day one year ago.

“Finally, the news motorists have been waiting for- it appears that at least for now, the national average has peaked,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Since February 7, gasoline prices have been on an upward trajectory in a majority of the U.S., and at least for now, prices have broken that upward trend and have stabilized. This is great news, as it likely means in the next couple weeks that gasoline prices will begin seeing more downward momentum . By Memorial Day, if there aren’t major refinery kinks that develop, we could see the national average dropping into the $3.50s, or perhaps even lower,” DeHaan said.

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