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Gas prices falling

Gas prices falling

Drivers can expect to see some welcome relief from the high cost of gasoline as we near Memorial Day, the start of the summer vacation season. They are already falling here and in Grand Rapids. This is a welcome change for motorists who have gotten used to seeing increases cut into their summer vacation money.

Experts who had been predicting a national average of more than $3 per gallon by Memorial Day now say prices have likely peaked just beneath that threshold. Rising supplies and concerns about the global economy have helped send wholesale gasoline prices plummeting since last week.

“Last week we saw a correction in oil and wholesale gasoline prices,” said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst. “With wholesale gasoline prices down as much as 30 cents per gallon since last (week) Monday, I expect retail gasoline prices to fall as gasoline stations continue to sell through their more expensive inventory and buy cheaper supply, passing on lower prices to motorists.”

DeHaan says that the correction in oil prices wasn’t much of a surprise, noting that fundamentals continue to show growing supply. “If the sentiment that ruled last week continues to weigh on traders, we could see the average price for gasoline drop across much of the country, just in time for Memorial Day

weekend,” he adds.

Prices ranged from about $2.77 Wednesday in Grand Rapids, to $2.82 in Cedar Springs.

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