MEMPHIS, TN (abc24.com) - Every time we turn around, the price at the pump is down. But if you think that trend will continue, think again.
Things were just starting to get good.
“It seems like they've been coming down a little bit,” Robert Lofton said while filling his tank.
Gas prices are falling, filling the tank is less expensive and drivers are finally getting a break.
“It's good because they were already too high as it was,” Lofton said.
No one wants to be a killjoy, but someone in the know says drivers and cheap gas will part ways faster than a fool and his money.
“They're not down permanently, they're down temporarily,” said Dr. John Gnuschke, Director of the Sparks Bureau of Business and Economic Research Center at the University of Memphis.
Dr. John Gnuschke predicts everyone will be subject to high prices at the pump by the time Independence Day rolls around.
“I think an extra 15 to 20 cents by the Fourth of July would make good sense,” Gnuschke said.
That's bad news if Lucio De La Cruz ever heard it, he works in construction.
“Gas prices been like killing us. I put 100 dollars each week, so if it goes up, it would be bad for us."
If you're wondering why oil prices have been mimicking roller coasters, don't just look to Wall Street, look across the pond.
“Stronger the economic recovery in Europe, stronger the economic recovery worldwide, the higher gas prices are going to go,”
Many believe we've finally seen the bottom of the global recession. You know what that means.
“Fill up your car now. And do it quickly before pump prices begin to increase,” Gnuschke said.
The average price for regular unleaded in Memphis is $3.16. That’s about .40 cents cheaper than the national average.
