Gas remains pricey despite lower oil prices
Oil prices have been falling in recent weeks, but it may take some time before drivers will get relief at the pump. AAA says the average price of a regular gallon of gas nationwide stands at $3.59 this week, which is about seven cents lower than last week, but still 84 cents higher that this time last year. "When the prices increase rapidly, retailers will absorb some of those costs to remain competitive, and when they decline rapidly, they'll take their time in reducing the costs to try to make up for some of that loss," says AAA National Spokesperson Troy Green. In addition to the drop in oil prices, the looming end of the summer travel season is expected to bring the prices further down. "The kids are back in school, people are back at work, you're no longer taking those summer vacations and gasoline demand is reduced," Green says. For now, experts advise drivers to fill up in areas where there is competition among gas stations.