Gas prices start falling

WASHINGTON – Gasoline prices have dropped below $3 a gallon on the average nationwide and should fall more this week as recovery continues from Hurricane Katrina.

Regular gas dropped 5 cents a gallon on average to $2.97 on Monday, according to AAA, although motorists in many Northeastern states continue to pay more than $3.

Prices should start falling about as fast as they rose over the past two weeks, said Tom Kloza, an analyst at the Oil Price Information Service, which tracks gas prices.

Gas prices have risen about 45 cents a gallon since late August, Kloza noted, but the price should decline as gas supplies increase and the summer driving season ends.

Wholesale gas prices “are down as much as 60 cents to $1 (a gallon) from where we peaked,” Kloza said. “We’re not talking down a penny a day. … We’re talking a big, thunderous drop.”


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