Pump prices hit lowest average level since 2010

|By:, SA News Editor

The price of regular gasoline dropped to an average of $3.49 a gallon in 2013 from $3.60 in 2012, the AAA says, making last year the cheapest since 2010.

The association reckons pump prices will fall another five cents this year as well.

The fall comes amid a sharp rise in production, with output increasing 4.3% to 9.72M barrels a day in the week ended December 20.

The cheapest gasoline last year was in South Carolina, where the average cost was $3.24, while the most expensive was in California, where the price was $3.89.

ETF: UGA