Gas prices have been falling over the last month with a drop of 42 cents from the summer high of $3.04 a gallon.
In the last week, gas prices have fallen by 11 cents to $2.62 a gallon.
With the peak driving season having ended, demand is down and inventories are up. Besides this the crude oil prices have also dropped significantly from $70 a barrel to below $65. With Prudhoe Bay production expected back in full capacity by October, supply looks to be going in the consumer's favor.
Crude oil prices account for about half the cost of gas at the pump.
Gas is cheapest in the Midwest averaging about $2.44 a gallon and has the highest prices in the West Coast averaging $2.90 a gallon. Californian gas fell 6 cents to $2.94.
Though prices might drop a bit more when gas moves from a "summer blend" to a "winter blend" which is cheaper, it is unlikely that there will be more big drops this fall.
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