Area gas prices continue to fall
Susquehanna Valley gas prices fell seven cents to $3.47 a gallon this week, according to AAA East Central.
On the national front
The national average price for a gallon of regular unleaded is $3.39, which is seven cents cheaper than last week and 20 cents cheaper than last month. Today's price represents a year over year discount of 39 cents from 2012.
Barring a hurricane or other unexpected disruption to gasoline production and distribution, AAA expects that retail prices will continue lower in the coming months, as sufficient supplies, flat demand and cheaper winter-blend gasoline mean motorists are likely to pay less to fill their tank.
The most expensive gasoline in the nation can be found in Hawaii ($4.25) and the highest in the continental U.S. is in California ($3.91). The lowest pump price in the nation is in South Carolina ($3.10). While this is the only state currently at or below $3.10 per gallon, AAA anticipates that several more states will fall below this threshold in the coming days and weeks.
News that President Obama had spoken by phone to Iranian President Hassan Rouhani - the first direct talks between the US and Iran in more than 30 years - added an unanticipated calming effect on markets as analysts try to determine whether this action will help to alleviate geo-political tensions in the Middle East.
West Texas Intermediate (WTI) dropped to a three-month low Monday as futures trading was light in response to Congressional gridlock. At the close of formal trading on the NYMEX, WTI dropped 54 cents before closing at $102.33 per barrel. The crude commodity benchmark had not closed this low since July 3.
(AAA East Central - a not-for-profit association with 82 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.7 million members - provides Fuel Gauge each week.)