Pump prices are falling

Gasoline prices are at their lowest level since early July and are expected to fall further, according to an analysis from GasBuddy.com.

The national average for a gallon of regular is $3.47, down 34 cents from a year ago, according to AAA.

The average price for a gallon of regular in Houston is $3.23, down 37 cents from a year ago, according to AAA data.

Pump prices: US gasoline prices reach milestone

Because refineries are running at high rates and consumer demand likely will be down from last year, prices will continue a gradual decline, GasBuddy.com Chief Oil Analyst Tom Kloza said in an email.

Several refuelling stations in Houston are currently offering gasoline for less than $3 a gallon, according to data on GasBuddy.com.

The falling prices for U.S. gasoline is coming as oil prices remain high, above $103 a barrel on Monday for West Texas Intermediate domestic crude.

If oil prices fall, that will push gasoline prices even lower, Kloza said.

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Pain at the pump? Smile. At least you don’t live in Norway.