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Gas Prices Keep Falling

Justin Sullivan, Getty Images

UNDATED – The price of gasoline has dropped to the lowest level in five months, giving motorists some relief ahead of the July 4 holiday.  The national average fell below $3.40 per gallon today (Tuesday).

It has fallen steadily since peaking at $3.94 in April as oil prices dropped and supplies of summer-grade gasoline grew around the country.

However, gas prices are taking a bit longer to fall in Minnesota.  The statewide average is $3.54.  Here in the St. Cloud metro area most stations are charging $3.49 a gallon for regular unleaded.

Altogether, the drop in gasoline prices should save Americans roughly $200 million per day at the pump. Yet the savings hasn’t encouraged motorists to drive – and spend – more this summer. Motorists are buying about 5 percent less gasoline than they did last year, and consumer confidence fell again this month.

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