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GasBuddy: Average gas prices fall 1.1 cents per gallon

Posted May 05, 2014, at 8:13 a.m.

STATEWIDE, Maine – Average retail gasoline prices in Maine have fallen 1.1 cents per gallon in the past week, averaging $3.73/g yesterday, according to GasBuddy’s daily survey of 1,228 gas outlets in Maine. This compares with the national average that has fallen 1.4 cents per gallon in the last week to $3.64/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Maine during the past week, prices yesterday were 23.6 cents per gallon higher than the same day one year ago and are 10.3 cents per gallon higher 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, in a press release. “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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