Offering further proof that no one ever knows what oil and gas prices will do, gas prices have held steady since Friday at a national average of $1.65 per gallon and ended a three-month free fall.
Does this mean prices will climb?
Who knows? But there might be a slight bump as motorists take to the roads for holiday travel. This will be countered, however, by a still-awful economy and winter, which is typically when gas prices are at their lowest. In a USA Today/Gallup Poll, only 12% of drivers said they have returned to their old driving habits, an incredibly low number considering how far gas prices have dropped.
What should we expect prices to do down the road?
Who knows? Experts predict gas prices will hover around $1.50 before climbing to as high as $2.25 per gallon for the summer. The U.S. Energy Information Administration predicts a $2.03 per gallon average for 2009.
For now, OPEC is cutting oil production by 2 million barrels, the dollar is weak and one wonders if Americans will forget their new, conservative driving habits while gas is cheap.
Gas Prices Edge Up After Months of Plunging (USA Today)