Area Gas Prices Fall Slightly

Jamestown area gas prices fell about a penny to $3.85 per gallon, according to AAA East Central’s weekly Fuel Gauge report.

The average price of self-serve regular unleaded gasoline, based on reports from 19 area stations, was $3.846, down from $3.858 last week and up from $3.794 this time last year.

Across the U.S. for the first time since March 12, the national average price for unleaded gasoline dropped below $3.50 per gallon ($3.4997). Today’s national average is at the lowest level for early August since 2010. Today’s price is two cents less than one week ago, 16 cents less than one month ago and 12 cents less than the same date last year.

Oil market watchers continue to monitor the Middle East and northern Africa, paying special attention to growing tensions in Eastern Europe. United States and European powers last week announced coordinated sanctions targeting Russia’s long-term ability to develop new oil resources, in response to the country’s involvement in the insurgency in eastern Ukraine.