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The price of a gallon of crude oil might have dropped by $16 in May, but for the most part gas prices haven't followed suit. In fact, the nationwide average hit $4 per gallon in the past few weeks -- $1.10 higher than it was this time in 2010.
While relief at the pump feels far from a reality, the worst might be behind us. Reuters reports that gas prices dropped to a national average of $3.96, the first decrease in more than eight weeks. Diesel fuel has also dropped 4.3 cents to $4.03 per gallon.
Even a cut of 50 cents per gallon can make a difference. If, for example, you drive 15,000 miles per year and your car averages 25 miles per gallon, a 50 cents per gallon drop could land $300 in your pocket at the end of the year.
The downward trend of oil prices means that relief at the pump is on the horizon. While we're not ever going to pay $1 per gallon of gas, we'll take what we can get.
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