After watching gasoline prices rise sharply for most of the spring, drivers are finally getting a little relief.
Gasoline prices fell again on Friday and some analysts expect fuel costs to drop even more in the coming weeks. But will pump prices fall as fast as they went up?
I doubt it.
In Knoxville, the average price for a gallon of regular unleaded on Friday fell 1.5 cents to $3.606, according to the AAA Daily Fuel Gauge Report. Thats more than 8 cents lower than a week ago. However, this time last year the average was $2.579.
“Fast Money” trader Steve Cortes says the downtrend in gasoline futures points to more price cuts at the pump, which will be the same as “a massive tax cut for middle and lower income Americans.”
More from Cortes: Halftime: This as Good as Massive Tax Cut?
Photo: Knoxville News Sentinel archives