Gas Prices Could Dip by Another 50 Cents

Onlne Editor | 6/26/2011, 1:58 p.m.

Earlier this month, the national average cost of gasoline in some places dipped to below $3.75 a gallon. However, over the next four weeks motorists everywhere could see costs decrease by another 50 cents.

According to a local broadcast report, experts in the industry believe that the release of 30 million gallons of oil from the U. S. Strategic Petroleum Reserve will push gas prices down by the end of July - meaning that in many locations, gas prices could dip below $3.

"This packs a psychological punch that's going to lower pump prices, for sure," industry analyst Jim Ritterbusch of Ritterbusch & Associates, was quoted as saying this weekend in a "USA Today" report "This is a lift for both consumers and the economy."

Reports also state that last month, drivers nationwide spent on average, nearly $400 for gas.