Gas Price Continue to Decline through Memorial Day

After reaching new record-highs earlier this month, gas prices have continued to decline for the second straight week, which is welcome news for the 31 million Americans who plan to travel by car this Memorial Day weekend.

The average price for a gallon of regular unleaded across the nation was $3.81, a decline of 17 cents since reaching a spring high of $3.98 on May 4, according to the latest AAA survey.

The price also represents an 8-cent drop from a week ago, yet is still $1.05 more expensive than a year ago. In Maryland, the average price for regular unleaded was $2.83 a gallon, a 10-cent decrease from a week ago, but still $1.06 more expensive than a year ago.

According to AAA, the long-awaited relief from pain at the pump for U.S. motorists might finally be at hand, just in time for the summer driving season.  Beginning last September, consumers have seen the biggest price jump since summer 2008, driven predominantly by speculators, not supply and demand fundamentals.

Now that prices have begun to retreat, analysts believe they will settle in the $3.25 to $3.75 per gallon range during the summer months.

Here are the cheapest gas prices in the Essex-Middle River area, according to MarylandGasPrices.com: