Americans are paying less than ever before for gasoline thanks to plunging crude oil prices, and analysts believe the good news may continue.
The average price of gas across the country has tumbled an amazing 23 cents per gallon since September, and further declines in crude oil prices in the past week have extended the drop.While some Midwestern cities have seen rises in gas prices, they have remained flat in a half dozen cities in other parts of the nation, and the continued drop in crude prices may lead to gas prices falling again, said Los Angeles-based researcher Trilby Lundberg.
Lundberg said the doubts about whether oil producing countries can keep a lid on output makes her think gasoline prices have further to fall.
Lundberg publishes the Lundberg Survey, which checks prices at 10,000 gasoline stations nationwide.
On Sunday, Lundberg reported that the average all-grade pump price was down 3 cents since Feb. 20, making that the lowest price ever once adjusted for inflation. By today's standards, gasoline pumped in the 1920s cost $2.50 a gallon, Lundberg said.
Regular self-service gasoline, as of March 6, 1998, was selling at less than $1 at nearly half the nation's stations, while self- and full-service combined prices were