Gas Prices Keep Falling
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.