Gasoline prices have been on a downward trend as oil prices decline and gasoline futures (RB=F) approach three-year lows.
The national average at the pump on Wednesday sat near six-month lows at $3.32 per gallon, $0.49 less than exactly one year ago, according to AAA data.
“Combined with the end of the summer gasoline driving season in the USA along with a so far quiet hurricane season, oil prices simply collapsed, and that decline was led by weakness in gasoline,” Andy Lipow, president of Lipow Oil Associates, told Yahoo Finance on Wednesday.
As of Wednesday, the average retail price in nine states sat below $3 per gallon, with half the country likely touching those levels by the end of September as much of the country switches to a less expensive winter-grade gasoline later this month, Lipow predicted.
“There is a good possibility that the average national retail price of gasoline hits…
