Las Vegas Sun

June 3, 2012

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Gas prices set to tumble below $3

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Friday, Oct. 24, 2008 | 7:47 a.m.

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Beyond the Sun

Drivers across the Las Vegas Valley are seeing some numbers on gas station signs they haven't seen in a long time.

The national average for a gallon of regular unleaded gasoline slipped below $3 several days ago, and prices in the Las Vegas area aren't far behind. Auto club AAA reported this morning that motorists are paying an average of $3.013 a gallon in the valley, with many locations already below the $3 mark.

The local average is down 4 cents from Thursday and a decline of 52 cents in the past month. Prices are about a dime higher than they were at this time last year in Las Vegas, AAA reported.

Gas prices have plummeted since soaring to record levels this past summer. Prices peaked locally on June 21 at $4.279 a gallon.

The national average this morning is $2.781. The price drops locally and nationally have gained momentum in recent days as the price of a barrel of oil has tumbled to about $64 -- its lowest level since May 2007 and down from about $147 a barrel earlier this year.

The average price per gallon in Nevada is $3.09, with drivers in Reno -- the only other Nevada city that AAA follows daily -- shelling out $3.17 a gallon.

The cheapest gas in the country is in Oklahoma, at $2.378 a gallon.

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