Experts say relief at the pump could be on the way

Gas hit a record high this week. The national average price per gallon landed at a whopping $4.97. At Steve Ray’s Midnite Oil in Ooltewah, prices are brushing $4.50, and in the Volunteer State the average price per gallon is $4.62, per AAA.

This time last year gas prices were on average $3.06 per gallon. That means we’re up about a $1.90 from this time a year ago. But, Steve Ray is hopeful that the market may drop soon.

“Gasoline is in the most chaotic position I’ve ever seen it. It’s up and down everyday. It makes no sense. The supply is plentiful,” said Ray. “But, we might be on the verge of a collapse in the market, and that would be a great thing. Because, when it starts to fall, it’s going to fall really fast. And, this may be the peak, hopefully it is.”

One of the patrons at Midnite Oil said these prices are impacting his retirement plans.

“I’m retired and I’m on a fixed income. So, as gas prices go up, it makes it harder for us to be able to decide, you know, where we spend our money. We no longer go on, maybe on short trips.”

U.S. energy secretary Jennifer Granholm predicts we could see some relief at the pump. She said it’s possible to see gas prices in the high $3 range by this time next year.