US gasoline prices cheapest since January

Topics: From the Wires,

NEW YORK (AP) — 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 on 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. Gas is now below $3 in South Carolina and under $4 in every other state in the continental U.S.

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.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 7
  • Close
  • Fullscreen
  • Thumbnails
    Dinah Fried

    Famous literary meals

    "Fear and Loathing in Las Vegas" by Hunter S. Thompson

    Dinah Fried

    Famous literary meals

    "Alice's Adventures in Wonderland" by Lewis Carroll

    Dinah Fried

    Famous literary meals

    "Moby Dick" by Herman Melville

    Dinah Fried

    Famous literary meals

    "The Bell Jar" by Sylvia Plath

    Dinah Fried

    Famous literary meals

    "The Catcher in the Rye" by J.D. Salinger

    Famous literary meals

    "The Metamorphosis" by Franz Kafka

  • Recent Slide Shows

Comments are not enabled for this story.