U.S.: Good news: Gas prices are down, but not from a year ago
- $3.60 the average price of gasoline in the U.S.
- -35¢ the decrease in price from May’s peak
- +87¢ the increase in price from a year ago source
- » What caused the increase? To put it simply, many analysts point to the civil war in Libya for inflating the price of gas, as it took 1 million barrels of oil out of the supply chain each day, raising the price of oil by $20 per gallon at its high point. The recent successes the rebels have had since NATO started its air strikes exactly six months ago tonight have helped to bring the prices down to more manageable levels. Seasonal factors are also at play, and with Labor Day behind us, gas prices should continue to decline through Christmas.