Gas Prices 'Crash:' Average Prices Around The Country Down 46 Cents A Gallon

 @nadinedeninnon.deninno@ibtimes.com on December 10 2012 2:17 PM
An Exxon gas station is pictured in Arlington, Virginia January 31, 2012.
An Exxon gas station is pictured in Arlington, Virginia January 31, 2012. Reuters

Gas prices have fallen over the past two months, according to a survey released Sunday, which noted a "crash" in many cities.

The Lundberg Survey on Sunday said that gas prices have plummeted 46 cents a gallon over the past two months and will likely fall even further.

"This has been a true price crash," Trilby Lundberg, publisher of the Lundberg Survey, told CNN.

Lundberg noted that the average price of a gallon of gasoline was $3.38 on Sunday, only eight cents higher than the average price a year ago. On Monday, according to Gas Buddy, the national average was even lower, at $3.33.

Memphis, Tenn. had the lowest prices at $3.04 and Long Island, N.Y. had the highest at $3.85 in the wake of devastation left from Hurricane Sandy.

CNN listed Boston at $3.59, Baltimore at $3.34, Atlanta at $3.27, Baton Rouge at $3.11, St. Louis at $3.05, Salt Lake City at $3.40 and Los Angeles at $3.68.

Lundberg noted several reasons for the crash but predicted prices will likely go down even more as refiners alter the prices for distributors and retailers.

"This crash began back when refining problems around the country were being fixed, one after the other, at the same time that our seasonal gasoline demand was shrinking," she said.

Another gas price report from Sunday from AAA reaffirmed that gas prices will go down until the end of the year.

“AAA analysts believe all signs suggest that gas prices should continue falling, with all refineries on line, demand slowing for the winter, and domestic crude at a low price. AAA predicts that the national average price of gas will slowly drop through the end of the year and average between $3.20 and $3.40 a gallon by New Year’s Day. To date, the lowest daily average of the year is $3.28 a gallon from Jan. 1. The average annual price of gas for 2012 will be the most expensive on record. The annual average, to date, is $3.63 a gallon, which is 12 cents more than the current record high set in 2011. Gas prices nationally would need to average about $2.05 a gallon through the end of the year to not break the record.”

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