Gas prices have likely peaked. Don't expect drop because the U.S. is exporting petroleum products. [View all]

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Oil is plentiful and demand for gasoline continues to decline as American drivers move to more efficient cars and trucks. So why haven't gas prices come down?

Pump price watchers say this year's seasonal run-up has likely run its course — for now. The national average price is at or near its peak for this spring, according to AAA, which expects prices to remain cheaper than last year's national high of $3.79 per gallon.

But as refiners continue to see strong demand for gasoline exports, don't look for big savings on the cost of filling up your tank any time soon.

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"You don't have the millennials and young people driving anymore," he said. "You've got an aging demographic that's driving less. And the average car is 11.4 years old. When you turn that over, you get a lot better mileage."

That drop in demand might be expected to bring lower prices. But to make up the shortfall, refiners have found robust demand in Mexico and Latin America, where refining capacity hasn't kept up with growing consumption. Though the U.S. bans exports of crude oil, gasoline and diesel exports are about 25 percent higher than last year, according to the EIA.

Those exports are expected to keep gasoline inventories relatively tight, which would keep prices from falling below roughly $3.25 a gallon, the low point for the past few years. Tight inventories could also increase the risk of a price hike later this year, according to Kloza.

http://www.nbcnews.com/business/consumer/gas-prices-have-likely-peaked-dont-expect-big-drop-n96066