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Gas Prices Fall to an 11-Month Low

NEW YORK -- U.S. motorists are seeing some relief at the pump as gas prices have dropped nearly a dime over the last three weeks, falling to an 11-month low, according to the latest Lundberg Survey. The average price for a gallon of regular gasoline fell by 9.62 cents to $3.3766 during the three weeks that ended Dec. 7, marking the lowest average since Jan. 6 of this year.

"This has been a true price crash," Trilby Lundberg, publisher of the Lundberg Survey, said in a CNN report.

Gasoline prices also dropped 46.09 cents over the last nine weeks and are now 59.1 cents below the current 2012 high of $3.9671, which was reached on April 6.

One year ago, the national average was approximately eight cents higher than the current average.

"Somewhat lower crude oil prices, refinery problems being reduced and resolved one after the other and demand coming down as it always does in the winter combined to create this drop," Lundberg told the Washington Post. "I'm expecting further drops at the pump, maybe as much as another dime," unless a change in oil prices occurs.

The current average price for a gallon of midgrade fuel is $3.55, while the average price for a gallon of premium fuel is $3.69, according to media reports.

Lundberg Survey data shows that Long Island, N.Y., had the highest recent average fuel price at $3.85 per gallon, with Memphis, Tenn., coming in with the lowest average at $3.04.

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