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Gas Prices Drop to a Four-Year Low As Oil Tumbles

 / Updated  / Source: Reuters

Oil touches 15 month low

Oct.02.201401:03

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U.S. gasoline prices are the lowest in four years following a drop in crude oil futures, the nation's largest motorists group said. The average price at the pump dropped to $3.33 a gallon on Thursday, down 10 percent from this year's high, and the lowest for the month of September since 2010, according to the AAA.

With crude oil futures hitting their lowest levels since 2012 on Thursday, the price at the pump is expected to fall even further. AAA is forecasting the national average for gasoline will drop below $3 in the coming months, rivaling 2009 prices. "We are seeing prices go down for a number of reasons. It's the end of the summer season, and there's a huge amount of domestic production that is helping drive crude oil prices down, and there were no hurricanes," AAA spokesman Robert Sinclair said in a telephone interview.

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-- Reuters

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