Gas prices drop nearly a quarter in past week

FORT WAYNE, Ind. (WANE) Average retail gasoline prices in Fort Wayne have fallen 23.6 cents per gallon in the past week, averaging $3.27 a gallon on Sunday, July 15, 2012. This compares with the national average that has not moved in the last week to $3.42/ a gallon according to gasoline price website FtWayneGasPrices.com.

Including the change in gas prices in Fort Wayne during the past week, prices yesterday were 46.7 cents per gallon lower than the same day one year ago and are 40.7 cents per gallon lower than a month ago. The national average has decreased 11.0 cents per gallon during the last month and stands 24.7 cents per gallon lower than this day one year ago.

"Those who stuck around the low gas price party expecting it to last have realized they're out in the cold," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Oil prices are well off their recent lows, and we'll likely continue to see the national average rise in response. Most regions should see prices rising, while the Rockies areas may see any increase take considerably longer to arrive," DeHaan said.