Gas prices downward trend could continue through year’s end - WSLS 10 NBC in Roanoke/Lynchburg Va

Gas prices downward trend could continue through year’s end

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Gas prices have been falling for the past few weeks. 

The average price for a gallon of regular unleaded gas in Roanoke is $3.07 down from $3.14 a week ago.

AAA reports Friday's national average price for regular unleaded gasoline dropped to $3.37 per gallon, down five cents from a week ago, down 22 cents from month ago prices and 41 cents less than a year ago.  Gas prices averaged $3.52 per gallon in September, the lowest national monthly average for the month since 2010. 

The national average has declined for 33 days in a row (through Friday), which is the longest consecutive decline since April 2012.

"Most drivers are paying the lowest gas prices in more than eight months due to abundant gasoline supplies, the end of the summer driving season, lower oil costs and the switchover to winter-blend gasoline," said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic. "Supply and demand is working in most consumers' favor with consumption down and gasoline stocks more than 10 percent higher than a year ago.  Looking ahead, gas prices could drop another 25-30 cents per gallon to the cheapest averages of the year barring significant refinery problems or higher oil costs."

Barring a hurricane or other unexpected disruption to gasoline production and distribution, AAA expects that retail prices will continue to lower in the coming months. Sufficient supplies, flat demand and cheaper winter-blend gasoline mean motorists are likely to pay less to fill their tank.  That said, experts continue to monitor Tropical Storm Karen as it moves across the southeastern U.S. and pounds the region with heavy rains and wind.  The national average dropped 56 cents per gallon a year ago between October 1 and December 20 to a low of $3.22 per gallon. The national average declined three out of the previous five years between the beginning of October and the end of the year.  The national average declined 26 cents per gallon last October and 13 cents per gallon in October 2011. 

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