Gas prices drop for 10th week in a row

7:43 AM, Jun 19, 2012   |    comments
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By Chris Woodyard, USA TODAY

Gasoline prices have dropped for the 10th week in a row and are closing in on falling below $3.50 a gallon. If that happens this month or next, it will be the first time since Jan. 30.

The average price of a gallon of gas in the U.S. was $3.589 Monday in the Energy Information Administration's weekly survey. That's down from $3.629 last week and $3.76 a year ago at this time. Prices peaked in April just shy of $4 a gallon.

According to AAA's daily survey, the nationwide average price for a gallon of regular fell to $3.497 Tuesday.

Why the falling prices? Blame the declining price of oil amid the weakened world economy, especially given the problems in Europe. But lower prices come at an amazing time: the traditional summer vacation travel peak.

California is the only "region" left in the survey where average gas prices are still above $4 a gallon. The cheapest region for gas is the lower Atantic, where gas averages a mere $3.301 a gallon.

USA TODAY

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