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U.S. drivers should feel some relief, even if they're worried aboutjobs. Auto club AAA says pump prices fell nearly 5 percent in May,the largest monthly percentage drop since November. Some stationowners in South Carolina on Friday even presented drivers with agift at the start of summer driving season: $2.99 gas. Dan Durbin, president of R.L. Jordan Oil, says low wholesale pricesallowed at least seven of the company's Hot Spot stations inSpartanburg, S.C., to lower the price to $2.99 per gallon. SouthCarolina also has the lowest gas tax in the nation. Durbin predicted that more of his stations and some competitorswill lower prices once they sell off higher-priced suppliescurrently in their tanks. Gas also fell below $3 in Harrisonburg, Va. It could hit $2.99 orlower in Georgia, Missouri and Oklahoma perhaps as soon as thisweekend, according to Tom Kloza, chief oil analyst at Oil PriceInformation Service. Gas hasn't been below $3 per gallon anywhere in at least twomonths. Analyst Patrick DeHaan of the website GasBuddy.com expects prices to fall below $3 a gallon soon in Tennessee,Alabama, Mississippi, which benefit from proximity to refininghubs. Kloza predicts that motorists will pay an average of about $3.50per gallon or lower by Father's Day. And drivers on the West Coastshould see even bigger declines than other parts of the country.Their prices had been rising because of a gas shortage. Gas prices should stabilize in July and August, Kloza says. It's still questionable how much lower gas prices will boostconsumer confidence. Phil Flynn, an analyst for The Price Futures Group, believesfalling gas prices could give consumers a psychological boost. Butthat could evaporate if hiring doesn't pick up and stock marketskeep swooning. "If you don't have a job, it doesn't matter if gasoline prices are$5 or $2 a gallon," he said. Those who can afford a new car payment will appreciate falling gasprices. Auto makers reported selling 1.3 million cars and trucks inMay. Auto sales remain a bright spot in the U.S. economy. Still, those sales won'treverse a decline in gas demand in the U.S. because the new modelsare more fuel efficient than older ones heading to the scrap heap. Energy futures fell across the board, as did global stock markets.Heating oil fell 7.53 cents to $2.628 per gallon, gasoline futuresfell 6.59 cents to $2.657 per gallon and natural gas dropped 9.6cents to $2.326 per 1,000 cubic feet. U.S. stock markets droppedmore than 2 percent and are now lower for the year. The e-commerce company in China offers quality products such as Polished Stainless Steel Tubing Manufacturer , China Seamless Steel Pipe, and more. For more , please visit Seamless Alloy Steel Pipe today!
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