Gasoline falls below $3.50 a gallon

Driving from Wilmington to my Dad's up in Chester County yesterday, we saw gasoline prices ranging from $3.29 at the Foulk Road Sunoco (it's less further south), up to $4 at the Citgo on PA 352 near I-95.

The trend has been sharply lower, reports auto insurer AAA, citing "falling crude oil prices" which average around $80 a barrel as increased demand from China, India and other countries has slowed, frustrating speculators who were betting on $100+ oil.

The average in the Philadelphia area is now below $3.50 for the first time since January and 27 cents below "this time last year," AAA says. At $3.49 we're two cents below the US average despite the closing of the Sunoco refinery in Marcus Hook.  The national average fell 3 cents in the last week and 15 cents from last year.