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Gas Prices Continue To Fall Below $3 a Gallon
DETROIT — The price of gas continues to fall below $3 a gallon, inching toward year-ago levels, according to the AAA Daily Fuel Gauge Report. However, the U.S. Department of Energy said that regular grade gas prices are projected to average $3.56 per gallon for the rest of 2008 and 2009, following movements in projected crude-oil prices.On Tuesday, the national average for regular gas stood at $2.88; a year ago, the average stood at $2.81. A month ago, the national average was $3.75. AAA reports that the highest average was $4.11, recorded on July 17, 2008. California was one of the states continuing to report higher-than-average gas prices. On Tuesday, the average for regular gas in California was $3.29.The Associated Press reports that members of the Organization of Petroleum Exporting Countries will meet on Friday in Vienna and are likely to cut oil production in response to the pullback at the pump by consumers. Production is expected to be cut by about 2 million barrels of oil a day.Inside Line says: Enjoy those lower gas prices while you can, because they seem destined to head back up shortly. — Anita Lienert, Correspondent