Gas prices had been dropping all over the country. GasBuddy, a website that monitors the prices of gas around the US revealed that prices at the pump had fallen to as much as USD 3.08 per gallon in South Carolina. In Mississippi, the price was pegged at USD 3.158 per gallon while in Texas it was a bit higher at USD 3.198 per gallon.
Oversupply was one of the reasons for the falling gas prices. Gas Buddy Analyst Tom Kloza told ABC News, "The reality is that gasoline is very plentiful. We're about 30 cents-plus below where we were a year ago and we're going to see lower prices in the fall." This was also coupled by falling demand as people begin using more fuel efficient vehicles.
The AAA (formerly the American Automobile Association) reported that national gas price averages in the past 1,000 days was over USD 3.00 per gallon. The organization predicted that this would likely to be average price for gas in the next one thousand days unless a major economic recession would occur.
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