Experts: Gas Prices Not Going Down Any Time Soon

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Knoxville (WVLT) - You may have noticed a slight drop in gas prices, but experts say don't get too excited just yet.

Prices here are 13 cents below the national average, that's the good news.

The bad news is, we probably won't see any price below $2.50 a gallon in the near future.

Experts say the predicted price of oil is $60 a barrel or more for the next several months.

That's if nothing goes wrong. Refinery shut downs, or hurricanes, for example.

OPEC's decision to not increase supply isn't going to help either. As supply and demand grow further from each other, but economists say the US isn't the only one to blame.

"But it's been strong growth around the globe. It's been strong growth in places like China and India, as they've industrialized further,” Economics Professor Matt Murray explains. “As consumers there are buying motorcycles, automobiles, and so on. And using them more, and more, and more."

Locally, you're paying about $2.93 a gallon, that's down one-cent from yesterday, but up about 22 cents from one year ago.

On the national level, $3.06 is the average, that's down two-cents from yesterday and up 17-cents from a year ago.

You can expect prices close to three bucks for the rest of the summer, a slight decrease in the fall.

But it will be interesting to see how OPEC's decision affects the pricing game.