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Will prices of flights go down?

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I'm planning a 2 month trip to Europe next summer and really am looking (obviously) to keep it as inexpensive as possible, as I am a recent college grad with not a lot of disposable income, saving every penny I can now.

Correspondingly, I don't know whether it is wise to try to book my flight as far in advance as possible, or wait a while as gas prices appear to be on the way down, at least here in the United States (@ $2.30 today, down from $2.85 last week). Can anyone with experience or perhaps insight into the aviation industry provide me with guidance as to when the best time would be to purchase my ticket? Will the cheaper prices at the pump translate into cheaper flights anytime soon?

If it is relevant, I'm travelling in early/mid May and returning early/mid July.

Thank you very much!

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