Gas Prices Head Lower at the Pump

Easing Middle Eastern tensions are driving down crude prices

   

GasPump 300x227 Gas Prices Head Lower at the PumpWith the summer driving season over, consumers are seeing some relief at the gas pump.

The price for a gallon of gas fell by 6.4 cents on average, nationwide, over the past two weeks. The Lundburg survey found that gasoline costs about 31 cents less today than it did at the same time last year, NBCNews notes.

money in gas tank 200x200 Gas Prices Head Lower at the Pump
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Gas prices spiked during the summer as tensions between the U.S. and Russia escalated over possible American airstrikes against the regime of Syrian dictator Bashar al-Assad. However, with a potential diplomatic solution to the crisis apparently in the works, crude prices have fallen.

Increased production from Libya is also alleviating pressure in the global oil market.

While gas prices have fallen nationwide, they actually rose in California due to refining capacity issues in the Golden State, though the spike is seen as already fading.

San Francisco registered the highest price for gas in the survey with $4.01 a gallon, while drivers in Charleston, S.C., paid the least — just $3.14 per gallon.

Gas prices typically drop after Labor Day. Some analysts say they could fall further in coming weeks.


Article printed from InvestorPlace Media, http://investorplace.com/2013/09/gas-prices-head-lower-at-the-pump/.

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