Finally: Gas Prices Drop Below Last Year

North Carolinians are getting a break at the gas pump.

AAA Carolinas reports that gas prices in the state on Monday finally dropped below what they were a year ago.

The average price for a gallon of regular gasoline was about $3.79, compared with about $3.82 on April 30 a year ago.

Some places in Eastern Carolina are now seeing gas under $3.70. Several locations in Washington have it for $3.55 a gallon.

The motor club reports that prices have been steadily declining for the past three weeks or so.

There are a number of reasons for the decline. Among them Iran has stopped threatening to cut off oil shipments through the Straits of Hormuz, the Chinese economy has weakened, easing oil demand and Americans are driving about 6 percent less than they were last year.

Copyright 2012 by The Associated Press. All Rights Reserved.


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