Gas prices have fallen 5 percent since they peaked in April as economic concerns bring down the price of oil, according to Bloomberg Businessweek.
The national average for gas dropped to $3.73 a gallon on Thursday, a decrease of almost 20 cents since April 6 when it was $3.93 a gallon, according to the article. Compared to this same time in 2011, gas prices have dropped almost 21 cents.
Benchmark U.S. oil has dropped 6 percent since April while Brent crude, which sets the price for oil imported into the U.S., has fallen by 8 percent, according to Businessweek. Some analysts think oil prices will continue to drop this summer if supply rises as expected. OPEC increased its oil production by 320,000 barrels a day in April, according to Platts, the energy-information arm of McGraw-Hill Cos.
As the world economy continues to struggle, falling gas prices could be a boost, according to CNNMoney. Gas prices in the U.S. have dropped enough to save Americans up to $3 per fill up, accumulating to a total of $73.1 million a day.
- Provo transit project set to begin,... 12
- Brewvies wants judge to stop DABC from... 10
- Gov. Herbert met with lobbyists to ask... 7
- US economy struggles at start of... 3
- Exxon sees smallest profit in 16 years,... 3
- Yahoo CEO could get $55M in severance... 3
- Fortune reports: BYU's cybersecurity... 2
- What millennials need to do to retire... 2