Experts: Gas prices will drop, rise again for summer

May 6, 2011 2:25:26 PM PDT
The price of crude oil is falling and while that may mean some early relief at the gas pump, experts say it probably won't last.

Chicago motorists pay an average of $4.66 for a gallon of gas. In the last two days, crude oil has been trading below $100, which could be good news for motorists.

"I believe we topped out for right now. We're going to see relief at pump shortly," Dan Flynn, PFGBest Energy Trader, said. Traders see that the European Central Bank is keeping interest rates in check, which helps the U.S. dollar and ultimately oil prices.

"Drivers are going to get a little bit of a break now when historically this is when they pay more. It is a good break for us," Flynn said.

But how long will that break last?

"I think we go back up. We don't go back down," Larry Levin, Trading Advantage, said.

Levin says oil and gas generally go up in the summer, with attention to oil markets in the news and speculators getting into the game, he expects high prices will be with us for a while.

"Traders looking at it as opportunity. These markets are moving. There are opportunities to make trades. Consumers out there and people who need to buy gas and fuel and things like that, I doubt they're happy at all," Levin said.

Prices should go down a few cents in the next week or two, but will probably go back up in time for the summer driving season.

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