Prices at the Pump Continue to Plummet
COLUMBIA - Although gas prices across the country are going down, this isn't unusual for fall months. The price at the pump depends on supply and demand, so when people aren't buying as much gas, the demand goes down, making prices cheaper.
According to Ron Leone of the Missouri Petroleum Marketers and Convenience Store Association, demand for gas is always lower in the fall than summer and spring. Driving peaks in summer months because people are taking more vacations.
As of October 22, 2012 the average gas price in the midwest was $3.48 per gallon, according to the U.S. Energy Information Administration. This is $.12 more than this week last year when the average price was $3.36 per gallon. The price in the midwest is lower than the average price across the country. The U.S. average gas price was $3.68 as of October 22, 2012.
The last time gas prices in the midwest were this low was during the fourth week of July.