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Gas Report: Prices Drop; Fed Gov't Buys Gas For NY And NJ

11:01 PM, Nov 5, 2012   |    comments
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WASHINGTON (WUSA) -- If you haven't filled up lately, prepare yourself for the biggest drop in gas prices in four years. The average price of a gallon of gasoline is down 21 cents over the past two weeks. The Lundberg survey puts the average price of regular at $3.55 cents a gallon around the nation.

You can thank lower crude oil prices, a big price drop in prices in California.Demand is also down after Hurricane Sandy because people just can't find gas in the New York - New Jersey area.

In the Washington area, the average price is a bit lower at $3.52 for regular. Prices are down a nickel in the past week. In the past month, prices are down 22 cents.

There could soon be some relief for those gas line in the New York area. The federal government is buying gasoline to help get more fuel to New York and New Jersey gas stations. The White House has ordered the purchase of 12 million gallons of unleaded fuel and up to 10 million gallons of diesel to get it to the region quicker. 

AAA says more than half of the gas stations in New Jersey and on New York's Long Island weren't operational on Friday.

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