But could be $4 by spring
EASTON Many Mid-Shore areas saw regular gas prices drop by more than 10 cents a gallon since last week due to lower crude oil prices and the switch to the cheaper winter fuel blend.
The downward trend continues after Mid-Shore regular gas prices topped-out near $3.70 in late July and early August.
The Easton area average gas price is $3.37 a gallon, 12 cents less than last week but 76 cents more than this week last year, according to AAA Mid-Atlantic. The Easton average remains below the Maryland average of $3.45.
Cambridge area average gas prices saw the biggest Mid-Shore drop from last week with prices falling 16 cents to $3.34. In Queen Anne's County, Stevensville's average regular gas price is $3.36, an 11-cent drop from last week. Centreville saw one of the least average drops in the region with prices falling by 7 cents to $3.39. Denton's average regular gas price is $3.42, a 10-cent drop from last week.
According to AAA Mid-Atlantic, prices at the pump decreased for the second straight week amidst restored production, the switch to less-expensive autumn/winter blended gasoline and lower crude oil prices. The national average for regular grade gasoline dropped to $3.54 Friday, down 7 cents in the past week and down 4 cents in the past month. Prices remain 82 cents higher than year ago prices, yet 57 cents below the all-time high of $4.11 per gallon set in July 2008.
AAA Mid-Atlantic said crude oil dropped to its lowest level in six weeks. Crude oil closed the week at $79.85, down more than 9 percent.
"Wholesale gas prices have dropped 40 cents a gallon since September 1, which also bodes well for consumers," said AAA Mid-Atlantic Manager of Public and Government Affairs Ragina C. Averella. "Analysts believe gas prices will continue to fall in the coming weeks, into the $3.30 to $3.50 per gallon range, bringing even more relief to cash-strapped motorists."
According to AAA Mid-Atlantic, a drop in gas prices is typical for the last 100 days of the year as demand diminishes. However, as winter 2012 approaches, analysts warn of strong updrafts for crude oil and, in turn, gasoline. Continuing concerns in the Middle East and North Africa, coupled with the potential for tighter oil supplies due to global economic growth could send gas prices near $4 per gallon by spring 2012.
