Gas prices dip after positive economic news
Mon, 11 Mar 2013 14:50:31 GMT —
AAA says that gas prices are continuing on a downward path, but predictions have it still inching up by April.
Officials with the Auto Club Group say that the market is currently pulled in both directions, with a positive economic outlook based on the recent employment data and bearish fundamentals as oil stockpiles increase.
AAA cites such economic factors as the jobless rate being at a five-year low, rising crude stockpiles totalling 3.8 million barrels last week, and the dollar reaching a high against the euro this year.
"Gas prices are expected to decrease further in the short-term and will likely stay below year-ago levels. However, motorists are not in the clear yet. Pump prices may inch back up in April, before peaking as initially forecast by the Energy Information Administration at the start of the year," said AAA spokeswoman Jessica Brady.