RENO, Nev. (AP) - There's good news for Nevada motorists with the first day of summer less than a week away.
If you shop around, you can find gas for less than $2 a gallon - a far cry from last month's $2.25 - and higher.
Peter Krueger, Nevada Petroleum Marketers Association state executive, said a slump in demand coupled with a storage glut is behind the decrease. Eager to profit on rising prices, wholesalers rushed to have adequate supplies on hand just as conscious consumers cut back on purchases.
"We've got a little more supply than demand," Krueger said. "(Wholesalers) have to get rid of it quick because they are going to lose their shirt."
Krueger said falling prices also could be attributed to OPEC's recent decision to increase production and a steadying of the situation in the Middle East.
In Nevada, prices wholesalers pay to refineries have dropped about six cents a gallon over the last few days, Krueger said. That means drivers can expect to pay two to three cents less at the pumps.