Price Spike Fails to Materialize

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Price Spike Fails to Materialize

05/24/2002

NEW YORK - Gasoline prices have continued to fall despite an expected increase in travel this Memorial Day weekend.

"Crude oil prices are close to the same [as last May], but we have a lot more gasoline inventory than a year ago," Doug MacIntyre, an oil market analyst with the U.S. Department of Energy told the Atlanta Journal-Constitution. "We are getting a lot of the surplus gasoline from Europe. Demand is down there."

The national average for a gallon of unleaded was $1.40 on Thursday. A year ago, it was $1.70.