Gas Prices Leveling Off, May Drop

By Megan McGrath
|  Monday, May 9, 2011  |  Updated 8:03 AM EDT
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Experts report gas prices may fall now that crude oil prices have dropped 15%.

NBC Washington - Darcy Spencer

Experts report gas prices may fall now that crude oil prices have dropped 15%.

After weeks of rising gas prices, things may finally be leveling off.

In fact, some analysts believe prices have peaked and are now on their way down.

Last week, the price of crude oil dropped by about 15 percent, and that could eventually translate into lower prices at the pump.

Some experts believe gasoline could drop to $3.50 a gallon or lower after Memorial Day.

As of early Monday morning, AAA said the national average for a gallon of regular was $3.96, having gone up just one cent from a week earlier.  A year ago that average pirce was $2.91.

In the District, the average price of a gallon of gas is $4.13.  A year ago the price was $3.02.

In Maryland, the average is $3.99, compared to $2.89 a year ago.  And in Virginia, the average is $3.88, compared to $2.82 a year earlier.

For more AAA gas prices, click here.

Where are you finding cheap(er) gas?  Help your fellow drivers and post the prices and locations in the comments below...

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