And if you're one of millions of motorists on the roads this holiday weekend, you may have noticed something unexpected and welcome. Gas prices are falling. This at the start of the summer driving season when gas prices usually spike. We turn now to Daniel Yergin. He's author of "The Quest: Energy, Security, and the Remaking of the Modern World," and chairman of IHS Cambridge Energy Research Associates. He joins us from his office in Washington, D.C.
After spending much of the year on the rise, gas prices are now falling. The average price for a gallon of regular gas nationwide is $3.73, according to AAA. That's a drop of nearly 20 cents in one month, and industry analysts expect the price to keep falling.
You can get in a lot trouble trying to predict commodity prices, though. Phil Flynn, a market analyst at futures brokerage PFGBEST in Chicago, says there is one thing you can predict.
Gasoline prices seem to be going up every day, and motorists are looking to squeeze every penny of savings out of each fill-up. Well, as it turns out with so many things these days, smartphone apps can help.
Companies have applications for most smartphones out there to help people find the cheapest gas in town. I tried out six applications on an iPhone and narrowed the selection to two that I found the easiest to use: GasBuddy and Fuel Finder.
Gasoline prices have risen about 50 cents a gallon since January. The national average for regular gas stands at just above $3.80 per gallon.
Pity the drivers on the West Coast. Prices there have been much higher. At a Chevron station in Culver City, Calif., the price on Tuesday was $4.45 a gallon.
"I do building maintenance," Ursula Matthews said as she filled her tank. "I do a lot of driving from place to place. It's hurting me. I cannot raise the prices [of my services] with the economy what it is."