No Joke! Gasoline Prices Are Coming Down!
It's no April Fool's Day joke. Drivers are indeed paying less to fill up their gas tanks than they did a few weeks ago, a month ago, a year ago.
The national average price of regular gasoline was $3.63 a gallon on Monday, according to AAA. That's 13 cents lower than the average price on March 1 and 30 cents cheaper than April 1, 2012.
The recent decline in pump prices has cut Americans' overall gasoline bill by about $154 million a day, compared to a year ago, says OPIS analyst Tom Kloza. But how long will the price slide last? Some refiners have been scrambling to comply with the federal government's renewable fuels mandate and traders says some of those additional costs may be passed on to consumers.
So will gas prices see the traditional, seasonal surge this spring -- or could drivers continue to pay less than they did a year ago? CNBC's Sharon Epperson reports on on the outlook for prices at the pump.