Tags: gas | prices | continue | plummet

AAA: Gas Prices May Keep Plummeting

Monday, 30 Sep 2013 04:18 PM

By Cynthia Fagen

National gas prices dropped 19 cents per gallon in September, the largest monthly decline since last October. If the trend continues, gas prices could plummet an additional 30 cents by Christmas, according to AAA.

"Gas prices could drop another 25 to 30 cents per gallon to the cheapest averages of the year barring significant refinery problems or higher oil costs," AAA spokesman Avery Ash said in a statement Monday.

The nationwide average gas price is $3.40 per gallon, the lowest since Jan. 30.
September gas prices averaged $3.52 per gallon, the lowest national average for the month since 2010 and 31 cents per gallon cheaper than the monthly average a year ago.

"Most drivers are paying the lowest gas prices in more than eight months due to abundant gasoline supplies, the end of the summer driving season, lower oil costs and the switchover to winter-blend gasoline," he said.

"Supply and demand is working in most consumers’ favor with consumption down and gasoline stocks more than 10 percent higher than a year ago."

So far, the cheapest national average this year was $3.29 per gallon on Jan. 2.




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