Gas Prices Falling Across the US

Justin Sullivan/Getty Images(NEW YORK) -- Gas prices are falling across the country, according to new government figures released Monday.  The average price of regular unleaded gas is $3.56 per gallon, down about 7 cents in the past week. That's 16 cents cheaper than at this time last year.  

The biggest decline has been seen in the Midwest -- where prices have dropped 11 cents in the past week.  California remains the most expensive, but even it is seeing prices drop -- now down to an average of $3.90 per gallon.
What do we have to thank for the lower prices?  Chief Oil Analyst with Gas Buddy, Tom Kloza, says the reason for the drop is the winding down of summer and so far, no tropical storms.
"Crude oil prices have been pretty temperate; a little bit higher than I think people thought they would be.  But gasoline is being produced at record rates," Kloza says.
Kloza adds that this has been an unusual year, starting with prices back in February at $3.78 a gallon.
"What we call a 'petronoia rally,' where people are afraid this is the year that there's not going to be enough gasoline.  And, generally through the season and into the summer with brisk demand, there's been plenty of fuel."

Copyright 2013 ABC News Radio

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