Gas Nears $4 a Gallon--On The Way Down | NBC New York

Gas Nears $4 a Gallon--On The Way Down

Price at the Pump Declines Along with Demand

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    Customers pump gas in Martinez, CA.

    A year ago, news that a gallon of gas was nearing $4 a gallon would be upsetting to drivers. This summer, however, it's a reason for consumers to celebrate because the average price of a gallon of gas nationwide has dropped almost ten cents in the last week and now hovers just above $4. The price dropped two cents from Thursday, according to auto club AAA, the Oil Price Information Service and Wright Express.

    The falling price of crude oil, attributed to a decrease in consumer demand, is credited with the downward pressure on pump prices. The Energy Department said, over the past four weeks, Americans have used nearly 2.5 percent less fuel than they did during the same period a year ago.

    Oil traders managed to post a gain of $1.05 a barrel Thursday, but analysts say the market's momentum points to further declines. Crude has fallen in six of the past eight sessions, and is trading more than 15 percent below its peak above $147 a barrel earlier this month.