RENEE MONTAGNE, host:
And some news this morning on the price of gas. As the beginning of the summer travel season draws near, something strange is happening at the pumps. NPR's Wendy Kaufman reports.
(Soundbite of bell ringing)
WENDY KAUFMAN: Ordinarily, gasoline prices go up this time of year and stay up for the summer. But this is no ordinary year.
Mr. DAN AMUNDSEN: A few weeks ago, they were telling you - we were going to be paying $4 a gallon, and right now it doesn't look that way.
KAUFMAN: In fact, the price at Dan Amundsen's Union 76 Station, in suburban Seattle, is going down.
Across the country, the price is falling. Ten days ago, the nationwide average price for regular gas was about $2.90 a gallon. Since then, it's dropped more than a nickel, and experts say it's likely to fall even further. Why? In short, because the cost of crude oil is declining.
Andrew Delmege, of the American Automobile Association, says the price of crude has fallen rather sharply largely because of concerns about the European economy.
Mr. ANDREW DELMEGE (American Automobile Association): Markets are reacting to the loss in value of the euro compared to the dollar. And as the dollar gains strength, oil prices drop because oil is priced in dollars.
KAUFMAN: Another oil and gas expert, Phil Flynn of the commodities trading firm PFGBest, adds the global economy is not likely to grow as fast as previously forecast, so the demand for oil will be less - and so will be what you pay per gallon.
Mr. PHIL FLYNN (BFGBest): My fearless forecast is that national average could go down below $2.70 - and maybe even lower. So I'm talking about a substantial drop at the pump.
KAUFMAN: Good news for consumers, the domestic travel market and the overall U.S. economy.
Wendy Kaufman, NPR News, Seattle.
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