Even as America enters the heart of driving season, gasoline prices have not quite picked up steam, and may not do so anytime soon. And that could provide a major boon for US consumers.
Gasoline prices are about at the levels they were last year, and gasoline futures have risen only modestly, allaying concerns of a summer gas price surge. And at this point, traders don't see any signs of gas soaring higher in the near-term.
"Cars are more efficient, markets are well supplied, and the futures prices are reasonable," said Anthony Grisanti, an energy trader based at the NYMEX. "I don't see a summer surge coming."
Jim Iuorio of TJM Institutional Services expects only a modest rise in prices.
"Normally gas prices reach their high between May and June, and stay at a constant elevated level through the driving months," Iuorio wrote to CNBC.com. "I think this trend will probably continue. I expect gas futures to stay in a range between $2.90 and $3.00 until later in the summer when prices start to decline."