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Does $4 for a gallon of gas suddenly sound cheap?
Gas prices in California could tumble 25 cents or more by summer, back down to the magical $4 level, analysts said Friday on the heels of the biggest weekly decline in crude oil prices in two and a half years.
Crude oil for June delivery fell to $97.18 a barrel Friday on the New York Mercantile Exchange, the lowest since March 15 and down from nearly $115 a barrel Monday.
"California may flirt with $4 most of the summer," said Patrick DeHaan, a senior petroleum analyst at gasbuddy.com who predicted the recent price spike three months ago but now says the national average could fall from its current $3.98 to the $3.50 range.
The average was $4.28 a gallon on Friday in California, one of 13 states with gas over $4 a gallon, and in San Jose.
But skeptical Bay Area motorists who have reacted to the highest prices ever at this time of year by driving less weren't exactly doing cartwheels over the anticipated decline.
"I see this as another example of the oil companies using every excuse to make more profits," said Max Steinke of San Jose, a retiree who pays $115 to fill up his small RV with diesel fuel. "The oil companies are fast to raise prices when oil is going up; I would like to see some of that fast action on the downslope.""Typically, it takes eight weeks for the full price change -- up or down -- to reach the pump," he said, "with the majority of that change reflected within the first two weeks.
"Unless some unknown event materializes between now and Memorial Day, we will see lower gasoline prices during that holiday compared to now
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