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Gas prices drop, but still high

By Tara Baukus Mello · Bankrate.com
Saturday, December 15, 2012
Posted: 6 am ET

Gas prices dropped 11.9 cents per gallon on average in November, marking the fifth straight month of declining prices, according to AAA. Since mid-September, when the transition to the winter blend of gasoline began, car gas prices have plummeted almost 50 cents on average nationwide. Winter-blend gasoline is cheaper to produce, so prices automatically drop when it is in use.

Despite the decline, gas prices are still at record highs for this time of year. As of yesterday, the national average for a gallon of regular unleaded was $3.29. AAA said that, through November, the national average has broken the daily record high for a total of 220 days.

Gas prices will continue to decline for the remainder of the year, averaging $3.20 to $3.40 per gallon of regular unleaded gas, depending on the area of the U.S., predicts AAA. Still, gas prices will be the highest on record in 2012, the agency says. Through November, the average price for 2012 was $3.63 a gallon, 12 cents higher than the current record, which was set in 2011. AAA said for 2012 gas prices to not break that record, gas prices would need to average about $2.05 a gallon nationally, which is essentially impossible.

How high are the gas prices in your area? Do you have a breaking point at which you curtail your driving?

Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.

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1 Comment
fu
December 17, 2012 at 10:12 pm

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