Average Gas Prices Fall Below $3

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Average Gas Prices Fall Below $3

WASHINGTON -- The average price U.S. consumers paid to for gasoline dropped below $3 a gallon for the first time in eight weeks, according to the federal Energy Information Administration's weekly survey of gas stations, reported Reuters.

The national price for regular unleaded gasoline fell 0.027 cents over the last week to $2.98 a gallon -- still 0.113 cents over a year ago, but the first time the average pump price was below $3 since April 30 -- the government stated.

Gasoline hit a record high of $3.22 a gallon on May 21 of this year.

The fall is attributed to growing gasoline inventories, from high motor fuel imports, according to the report. However, gasoline costs may rise again in July and August when summer vacation driving typically increases, the EIA said.