Oil prices - and gasoline prices - are poised to hold steady through the summer months.
But that doesn't mean you'll be in the mood for a road trip, experts say.
That's because many consumers are still worried about their jobs and the economy, and may cut their vacation spending to save money.
Canada's Victoria Day weekend, and Memorial Day in the U.S., typically mark the kick off of the summer driving season.
This year's season comes amid declining oil prices as world markets anticipate a glut of supply this year.
Benchmark U.S. crude fell by $1.17 (U.S.) Wednesday to close at a 7-month low of $92.81 per barrel in New York. Oil prices are down about 13 per cent since the beginning of May.
BMO Capital Markets expects oil prices to remain flat this year and next, with the price of oil averaging around $100 per barrel, said senior economist Earl Sweet.
"Overall, we don't see a big change in oil prices from current levels through the next year," Sweet said.
If anything, prices are poised to drop, he added. "The flare-up in Europe and concerns about growth in China are causing oil prices to come down a bit more than expected during the past month."
Bank of America Merrill Lynch has forecast the average price for benchmark U.S. crude at $106 per barrel.
Overall, demand in North America and Europe is softening with cost-conscious consumers cutting back on discretionary trips.
"There's still a lot of uncertainty in the United States," Sweet said. "Where there's uncertainty, people hold back on their expenditures."
The U.S. economy, though showing signs of life, is still fragile, as unemployment remains high.
A sharp increase in the average gas price from January to early April made many people skittish about taking long road trips, a recent survey by the American Automobile Association found.
An estimated 34.8 million Americans will take a trip of at least 80 km this weekend. The average trip will be 1,000 km this year, compared to nearly 1,275 km this time last year.
Meanwhile, at the pump, the price in Canada averaged $1.275, down from $1.341 a month ago, according to GasBuddy.com.
That's also down from the spike of $1.40 per litre that hit Toronto drivers last May.
Oil prices skyrocketed from January to April amid rising tensions in the Middle East, but U.S. president Barack Obama also blamed Wall Street oil speculators for pushing up the price of crude.
"Considering the condition of the world economy, prices are still stubbornly high," said Dan McTeague, former Liberal MP and consumer advocate who runs the website Tomorrow's Gas Price Today.
"The reason prices have gone up and down have a lot more to do with excessive bets on unregulated platforms. The fundamentals have left the market."
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