Gasoline down overnight in Phila., crude also falling

Gasoline prices in southeastern Pennsylvania fell an average of one cent per gallon overnight, to $3.12, AAA Mid-Atlantic said.

The South Jersey price held steady at $2.91 a gallon, while the national price was down a penny, to $3.05, the auto club said.

Crude oil prices, meanwhile, extended their losses today amid a growing belief that a faltering U.S. economy will crimp energy demand, the Associated Press reported.

Also weighing on prices were expectations that a U.S. government report to be released later in the day will show an increase in domestic gasoline stockpiles. And hopes expressed by President Bush that OPEC will increase production put further downward pressure on markets.

Light, sweet crude for February delivery on the New York Mercantile Exchange fell 69 cents to $91.21 a barrel in electronic trading by afternoon in Europe.