(WASHINGTON) — The average price of a gallon of regular gas is $3.87, down a nickel from a week ago and down nearly a penny from a year ago, according to the Department of Energy.
So it now costs less than it did a year ago to fill up your tank of gas.
The price of gas in the U.S. is coming down because the worst-case scenarios that had been pushing crude oil higher have not come to pass, while worries about growth in Europe have worsened.
Denton Cinquegrana, executive editor with the Oil Price Information Service, says that a lot of the increase in prices was “based on an assumption that we are going to have logistical problems, so far none of that has been seen.”
Oil settled at $103.11 a barrel in New York trading Monday, down 77 cents.
Copyright 2012 ABC News Radio
Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN
Dylan Byers, CNN Newswire