Gas Prices Continue to Fall

From our “Enjoy It While You Can” file comes word that gas prices are down another eight cents a gallon nationally in just the past week.

The national average price for a gallon of regular unleaded is now $3.36, 22 cents cheaper than what Americans were paying one year ago.

Folks on the West Coast enjoyed the biggest price drop in the past week, 11 cents, but they are still shelling out $3.72 a gallon, while drivers in Florida and Texas are paying only $3.17 a gallon. Locally, People Reported Gas as low as 2.99 in Texarkana Tx. alone

To keep things in perspective, even though you are paying less at the pump this summer than last, prices are still above where they were in 2010.

Oil analyst Tom Kloza says lower gas prices may be good for your wallet, but it reflects growing concern by many that the continuing European debt crisis may lead to a global economic meltdown.  Kloza says worries about the debt sent crude oil prices falling by $40 a barrel in the second quarter of 2012, and that’s why you’re paying lower prices at the pump.

Kloza warns, however, that this is hurricane season and gas prices can go back up rather quickly if a storm even threatens the Gulf Coast.