Gas Prices Show Steep Drop In Last Month

Another day, another drop in gas prices.

Triple A reports the national average for a gallon of regular fell another two cents, down to four-oh-three.

The average has seen a steep drop from a month ago when drivers were paying an average of four-69 a gallon.

“Oil accounts for almost 60 percent of pump prices, so with the price of oil dropping, prices at the pump follow suit,” said Mary Maguire, AAA Northeast Director of Public and Government Affairs. “Couple that with falling demand for gasoline, and you have a recipe for prices continuing to ease. It’s possible that the national average for regular unleaded gas could drop below $4 a gallon by the end of this week.

Despite the optimism, Massachusetts continues to lead most of the region in high gas prices. Regular unleaded is $4.35 a gallon. In Rhode Island, $4.27 a gallon and Connecticut $4.20 a gallon.

Texas drivers are paying the lowest price at three-53 per gallon.

California is once again forking over the most, with an average of five-42 a gallon.

(Photo Credit: John Baibak, Newsradio RI)