Gas Prices Fall Ahead of Labor Day Weekend

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"Gas prices reached about $2.68 per gallon of unleaded on Monday."

The national average price for gasoline has been falling steadily this month, reaching about $2.68 for a gallon of unleaded on Monday, according to AAA, Wright Express and Oil Price Information Service. That's about 6 cents a gallon less than a month ago and 7 cents less than it was on the Friday before the July Fourth weekend.

In its weekly report on gas pump prices released Monday, the Energy Department's Energy Information Administration said the national average for a gallon of unleaded was $2.68, down about 2 cents from a week ago. California drivers paid the most, at $3.09 a gallon. The lowest average price was about $2.53 a gallon in Gulf Coast states.

EIA said pump prices in major cities ranged from around $2.62 a gallon in Boston and Denver to $3.08 in Los Angeles and $3.12 in San Francisco. Drivers in New York City paid about $2.66 a gallon, while gas cost $2.46 in Houston and $2.73 in Miami.

A plunge in wholesale gasoline prices earlier this month is pushing down prices at the pump, PFGBest analyst Phil Flynn said.

The price drop comes as the summer driving season winds down, and gasoline supplies remain nearly 12% above the five-year average with overall demand below pre-recession levels.

Most analysts believe retail prices will continue to fall into Labor Day weekend and continue to retreat in September.

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