Have gas prices hit their peak? - WRCBtv.com | Chattanooga News, Weather & Sports

Have gas prices hit their peak?

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(NBC News)  Much of America watched helplessly as gas prices climbed over the past few months, forcing drivers to spend about $11.7 billion more filling up this April than they did at the same last year.

Now analysts say gas prices are falling after a hitting a peak last week of about $3.70 a gallon for regular unleaded.

READ MORE | Channel 3 Fuel Finder to find the best gas prices in your neighborhood

Prices have already dropped about three cents a gallon and will continue to fall according to Michael Green of AAA.

"Most people should be paying less for Memorial Day than in recent years," Green says.

Analysts say there's a small chance the national average could even dip below $3.25 a gallon this summer. 

Green says increased production is driving the drop in prices now that refineries have completed their yearly spring maintenance and reformulated their gas for summer.

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