Cheer up, gas prices are going down again

Gas prices might not be near Michele Bachmann’s $2 gas promise, but prices are declining.

AAA Texas reported today the average cost per gallon fell 6 cents to $3.38 since last week. The nationwide price dropped 7 cents to settle at $3.55 per gallon this week.

Houston’s prices dipped 6 cents to $3.33, but Fort Worth/Arlington and Dallas have the lowest price in the state. Prices dropped 10 cents in Fort Worth/Arlington to settle at $3.29. Dallas was slightly higher with $3.31 per gallon, a 9-cent drop.

Those prices are a long way from the highest average price for gasoline. AAA spokeswoman Sarah Schimmer said Texas had its highest average gas price on May 13 at $3.89 per gallon. So if you are counting, prices have dropped a little more than 50 cents in four months.

The bad news?

Consumers are paying more for gas, food, rent and other items in August, raising inflation pressures, the Associated Press reported last week.