The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.
Heading into Memorial Day, the national average gasoline price is coming off the year's high and sitting just above $2.80 per gallon.
"While the rise in prices has been steep this spring, perhaps the most important factor is that in many places, gas prices are still well below their all-time highs and perhaps even more importantly, over 50% of the nation's gas stations are selling at $2.99 per gallon or less," Patrick DeHaan, head of petroleum analysis GasBuddy, said in a press release.
"Part of the run-up was due to the very high prices on the West Coast due to an extraordinary number of refinery outages," said Andrew Lipow, president of Lipow Oil Associates "As those refiners have come back into service, we've seen prices dropping."as the ongoing US-China trade war raises concerns about economic growth and fuel demand.
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