Gas prices drop slightly in Mississippi

Gas prices drop slightly in Mississippi

HATTIESBURG, MS (WDAM) - Gas prices in Jackson, Mississippi have begun falling, and experts say this is a sign of an upcoming decline in national prices.

AAA Fuel Gauge Report lists the current average price for a gallon of regular gas in the United States as $2.42, a slight drop from the $2.45 price of March 9.

Mississippi has been following that national trend. According to AAA, the price of the same gas is being sold for $2.22 in Jackson.

Last week Jackson's average price for a regular gallon of gas was $2.23. Although the change is slight, experts claim the price of oil is declining again, and this change will cause national gas prices to drop.

The Energy Information Administration (EIA) stated in its weekly report that there has been a 4.5 million barrel increase of commercial crude oil inventories since March 9.

"At 448.9 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years," EIA officials said.

The steadily increasing crude inventories could soon result in excessive gasoline, and cause the average prices to fall, according to the EIA.

AAA officials warn that it is too soon to determine whether the decrease will be significant.

"It is too soon to draw any hard and fast conclusions from just three or four days of data, but it appears recent spring price spikes have taken a breather," said Martha M. Meade, manager of Public and Government Affairs for AAA Mid-Atlantic in an interview with AFP.

According to AAA, in March 2014 Jackson's gas was sold for $3.24, and last month's price was $2.08.