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Friday, Dec 14, 2012 8:45 PM UTC

Gasoline prices soon to hit low point for 2012

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Topics: From the Wires,

Gasoline prices soon to hit low point for 2012Traffic drives past a gas station. (AP Photo/Danny Johnston)

Gas prices will soon drop to their lowest level of the year.

By Monday, the national average should fall below the $3.2775 a gallon drivers were paying on Jan. 1, according to analysts. The drop is a present for those planning to hit the road during what is expected to be the busiest Christmas travel season in six years.

Still, it’s more like a stocking stuffer. That’s because for the second straight year, Americans will spend a record amount on gasoline. The government estimates that gas averaged $3.63 a gallon this year, 10 cents above the record set a year ago.

Drivers can only hope that forecasts for lower prices next year come true.

A combination of high oil prices and supply shortages caused by refinery and pipeline problems kept gas prices elevated for most of the year. The national average hit a high of $3.94 a gallon in early April and was around $3.87 in September.

Prices have fallen in most areas since then as supplies got replenished and refiners switched to cheaper winter blends of fuel. However, New York and New Jersey saw temporary spikes in November due to Superstorm Sandy.

Californians continue to see some of the highest prices in the U.S. But they’re probably relieved to be paying an average of $3.59 a gallon just two months after a refinery fire and pipeline shutdown sent prices soaring close to $5.

The nation’s lowest prices are found mostly in the lower Midwest and parts of the South. Missouri is closest to cracking the $3 level, with its average price of $3.01.

More By Sandy Shore.

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