Local gas prices drop another 3 cents
Susquehanna Valley gas prices fell three cents to $3.42 a gallon this week, according to AAA East Central.
On the national front
Today's average price for regular unleaded gasoline is $3.34 per gallon and is just fractions of a penny below the nearly nine-month low registered one week ago. The last time the national average registered less than $3.34 per gallon was Jan. 25.
Today's national retail average remains 14 cents per gallon less than one month ago and 32 cents less than the same day last year. After falling for a multi-year record of 36 consecutive days, the price at the pump has been essentially unchanged for the last two weeks, increasing less than half a cent since Oct. 7.
Despite the recent pause in the decline, AAA continues to expect that gas prices will fall even further approaching the end of the year. Due to sufficient supplies, flat demand and the shift to cheaper winter-blend gasoline - and barring a hurricane or other unexpected disruption to production and distribution - the national average is likely to fall to between $3.10 and $3.20 per gallon by Christmas, which would be the lowest mark since February 2011.
Monday, after nearly 16 straight weeks above $100, the price for a barrel of West Texas Intermediate (WTI) crude oil returned below this threshold and settled $1.59 lower at $99.22 per barrel at the close of formal trading on the NYMEX.
(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 to The News-Item each week).