Gas prices continued an unseasonable decline today in the South Sound.
The price of a gallon of regular unleaded averaged $3.61 a gallon in the Tacoma area Monday. That’s about seven cents less than a week ago and 17 cents less per gallon than a month ago.
Normally, prices would be rising in late April headed toward a yearly high about Memorial Day.
Compared with a year ago, gas prices are down some 47 cents a gallon.
Over the past three weeks, the price of oil has fallen by 9 percent to $89 a barrel, the Associated Press reported. Nationwide, average retail prices have fallen by 27 cents per gallon, or 7 percent, since Feb. 27, to $3.52 per gallon. Analysts say pump prices could fall another 20 cents over the next two months.
The price of oil is being driven lower by rising global supplies and lower-than-expected demand in the world’s two largest economies, the United States and China. As oil and gasoline become more affordable, the economy benefits because goods become less expensive to transport and motorists have more money to spend on other things. Over the course of a year, a decline of 10 cents per gallon translates to $13 billion in savings at the pump, the AP reported.
The lowest price fuel in the Tacoma area was available Monday at the Arco station at South 56th and Orchard streets where gas was selling for $3.26 gallon, according to The News Tribune’s Gas Deal Finder.
Petrol was priced higher in the Olympia area where the least expensive gas was at an Arco at Martin Way E. and Ranger Drive SE. Regular unleaded there was $3.49 a gallon.
In Federal Way, an Arco at South 320th Street and Pacific Highway was selling a gallon for $3.27.