The average price of gas at pumps across the country have dropped to a near four-year low of $3.08 a gallon, according to a recent survey.
The price has dropped by 29 cents since last year and represents the lowest average cost of gas since Dec. 17, 2010, according to the Lundberg Survey released Sunday. Gas prices have been steadily falling in recent months and are expected to continue to decline amid increasing oil production in the U.S. and abroad.
“The crude oil price crash has been passed through by refiners,” Trilby Lundberg, president of Lundberg Survey, told Bloomberg News. “Retailers will probably be pressed to pass through at the pump a few more pennies of price-cutting sometime soon.”
The cheapest prices could be found in Memphis, Tenn., where gas was going for an average of $2.73 a gallon, according to Lundberg. San Francisco has the most expensive gas, at an average of $3.45 a gallon.
The Lundberg Survey tracks prices at some 2,500 gas stations across the lower 48 states.