Are gas prices on the decline?

April 25, 2012 12:00 AM

Gas prices have been a major topic for the auto industry this year, as fuel costs have hovered near $4 per gallon for much of 2012. However, recent trends indicate gas prices may be beginning a descent that could potentially result in lower costs for consumers, reports The Associated Press.

The weekly report by the Department of Energy shows a 5-cent decline in gas prices, bringing the national average down to $3.88. For the first time in two-and-a-half years, the price of gas is less than it was at the same time the previous year. Analysts believe that costs could decrease further, with perhaps another 5-cent drop next week.

Various factors are contributing to the decline. Many analysts are not as worried about conflict in the Middle East as they were several weeks ago, lowering the price of oil. In addition, Americans are simply driving less - demand for fuel is down 6 percent compared to 2011.

With drivers spending less money on gas, it may be time to invest in vehicle maintenance that many put off in order to save money. Simple things like a car tune up or fuel injection cleaning have been shown to help when it comes to fuel efficiency.

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