gas prices june 2012

Gas Prices Fall Below $3 a Gallon in Two States!

Gas prices are a constant worry for Americans no matter where you are, and relative to local costs, they’ve remained painfully high for several quarters.

However, predictions for $5 a gallon gas in many parts of the US have yet to become a reality, thankfully- and further, though gas prices haven’t fallen a whole lot in recent weeks, they have dipped below $3 a gallon in two states.

Gas prices are at a current national average of $3.64 a gallon, and in South Carolina and Virginia, the Associated Press reports that some stations were shilling gas at a relative bargain basement price of $2.99 a gallon- which, compared to gas prices in recent quarters, is fill up your tank no question cheap.

The news agency refers to a sort of good news/bad news thing when it comes to gas prices, saying that the drop in fuel is a direct result of a worse than expected jobs report on Friday, and weakening overall economic conditions in the US.

According to the AP, gas prices are expected to drop even further in coming weeks:

“The downside? Lower oil and gas prices are symptoms of weakening economic conditions in the U.S. and around the globe. On Friday, oil plunged nearly 4 percent as a bleak report on U.S. job growth heightened worries about a slowing global economy and waning oil demand.”

gas prices heat map june 2012“West Texas Intermediate, the benchmark for oil in the U.S, fell $3.30, or 3.7 percent, to $83.23 per barrel, the lowest price since early October. U.S. drivers should feel some relief, even if they’re worried about jobs.”

In May, gas prices dropped 5%, the steepest drop since November.