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Gas prices drop after July 4th holiday weekend

Drivers are finding lower gas pump prices now that the July 4th weekend is over and prices are likely to keep sliding.

The national average for retail gasoline prices was $2.724 a gallon, 2.6 cents less than it was on Friday as the holiday weekend began, according to AAA, Wright Express and Oil Price Information Service. The pump price is 11.3 cents more than a year ago but about the same as a month ago.

Predictions of a national average of $3 a gallon faded weeks ago because supplies remain above a five-year average and demand is tepid as consumers worry about jobs and the strength of the economic recovery.

Analysts think gasoline prices will rise a bit between now and Labor Day but will not jump significantly.

"I think right now, we've probably seen the peak for the summer. We're probably going to start heading back down again," PFGBest analyst Phil Flynn said.

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