Report: Gas prices down seven cents this week

The national average price for a gallon of regular unleaded gasoline went down seven cents in the past week.

The average price for regular unleaded gas, according to AAA, was $3.21 on Friday, down from $3.28 a week ago and down 14 cents from the $3.35 a gallon that was the national average a month ago.

National gas prices have dropped 38 cents since Sept. 1 ($3.59) and have fallen on 61 of 68 days (through Friday) during this span.

The current national average is the lowest of the calendar year 2013.

“Prices at the pump continue to drop to the lowest levels seen this year,” said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “AAA expects the national average price at the pump will drop to as low as $3.10 per gallon before the end of the year, and many consumers will enjoy local prices below $3 per gallon as the holidays draw near.”

After settling above $100 per barrel for 15 straight weeks, the price of West Texas Intermediate crude oil was in the $93 to $96 per barrel range this week, pressured by rising supplies and continued weak demand.

The U.S. dollar has also supported crude oil’s recent range by remaining somewhat stronger against foreign currencies this week.

Crude oil settled at $94.60 at Friday’s close, down a penny from last week.

Another factor in lower prices has been the lack of major hurricanes in the Atlantic this season (which ends November 30).  According to The Weather Channel, since the satellite era began in 1960, only four years have had no major hurricanes (1994, 1986, 1972, and 1968), and it is looking like 2013 will be the fifth year.