By Mike Dougherty
PHILADELPHIA (CBS) – Prices at the pump are declining, and several factors in the market could help that trend could continue.
The highest fuel prices of the year could already be in the rearview mirror. Gas Buddy chief oil analyst Tom Kloza says part of the reason why is because the U.S. is not as dependent on foreign oil as it used to be.
“Probably at some point in the next few months, our domestic production will surpass how much we’re importing.”
He says another reason for dropping prices is demand. It is at a 10 year low for this time of year. But drivers are still at the mercy of Mother Nature and a major hurricane could really shock the system.
According to AAA, the average price for a gallon of regular in the Philadelphia area is $3.54. In South Jersey, the savings are even greater. A seven cent drop from last week brings the total for a gallon of regular to $3.29 – prices in the region are down more than 40 cents from last year.