OLATHE, Kan. -- For everyone planning to hit the road Memorial Day weekend, there's good news. Gas prices are falling.
Experts believe they will continue to fall over the next two weeks, helping those of you with travel plans save money on gas.
According to AAA, the average price for gas in Kansas City on the Missouri side is $2.14 – four cents lower than one week ago. On the Kansas side of the metro, the average is higher at $2.21 a gallon, but that price is five cents lower than last week.
The reason for the drop in gas prices is that there is a glut of gas in the U.S. Refineries are producing gasoline at a record rate right now, and because demand for gas isn’t very high right now, gas stations are lowering prices to try to sell more gas.
Also, the price of crude oil is plummeting. Countries in the Middle East have cut production to try to get prices higher, but U.S. gas production has been so high, prices are not rising but instead falling.
At the beginning of the year, analysts thought gas would rise around Memorial Day to $3 a gallon, so this is great news for travelers.
Unfortunately gas prices are about 15-to-20 cents higher than last Memorial Day, so you’re paying more in gas than last year, but at least they are continuing their downward trend.
Analysts say you can expect gas prices to continue to fall over the coming days, but they did not say by how much.