Gas Prices Begin Falling. Nationwide Average Under $2.50
The peak of the summer driving season has passed and gas prices are starting to fall again. This should give recession weary consumers some relief. The average price in California has fallen under the $3 mark.
California's average price for a gallon of regular dropped to $2.89 Tuesday, after peaking at $3.03 last month. The national average, which reached $2.69 in June, fell to $2.52 on Tuesday, according to the AAA automotive club.
"Absent any big rise in crude oil prices, we do think we've seen the peak for gas," said Douglas MacIntyre, senior oil market analyst with the U.S. Energy Information Administration, the statistics branch of the Department of Energy.
The nationwide average gas price is around $2.50 according to the AAA. Prices have fallen about 18 cents in the past month.
This continues an incremental but steady downward trend in prices that began earlier this summer. In just a month, the price has fallen roughly 18 cents. This is good news for drivers and an economy still trying to pull out of a deep recession.
The AAA's Fuel Gauge Report currently lists the national average gas price at $2.47.
