Prices At The Pump Continue To Drop

By Tim Jimenez

PHILADELPHIA (CBS) – Oil prices have gone down, which means prices at the pump have gone down with it. According to Triple-A, the national average for regular gasoline was $3.45 the past week, down seven cents from a week ago.

In New Jersey, the average price is $3.33 a gallon, down six cents from last week.

Gas prices in the Philadelphia area are down about 50 cents since peaking in April thanks in part to economics says Triple-A Mid-Atlantic Spokeswoman Jenny Robinson.

"It's not just the economy in the United States," Robinson says. "Oil is a global market and the global economy has been weak as well, keeping the prices down."

Robinson also says there are no major refinery issues across the country. An oil production boom in North America has raised the country's supplies to its highest levels in two decades. That's good news for drivers, especially with the upcoming holiday.

"The biggest departure date we are expecting is next Friday, which is the 29th of June," she adds. "That's when people are most likely going to be leaving for the July 4th period, and so we're going to see some savings at the pump for all those travelers."

Some analysts predict average prices to be below three dollars in the next few months. Robinson says whether that's true or not, consumers should see prices continue to trend in their favor.