Gasoline drops below $4 a gallon on average, AAA says - USATODAY.com

Prices at the pump backed away from record highs as oil futures edged up Friday, but crude's gains were modest in comparison to the spectacular three-day drop earlier in the week. NEW YORK — The nationwide average price for a gallon of regular gasoline has fallen below $4 for the first time since June 6, according to the American Automobile Association. AAA's latest average price was $3.983 as of early Saturday. On June 6, the average was $3.986; since then, the national average has been over $4 a gallon, peaking at $4.114 July 16 and 17. WHERE OIL PROFITS GO: Study says they go to investors. Retail gasoline prices have fallen more than 10 cents a gallon in a week and could fall another 25 cents by the end of summer, a sign the worst may be over for U.S. motorists this vacation season, according to AAA. The decline tracks a... [read full story]