Gas drops below $4 in Vegas

By Tim Richardson

Wednesday, July 30, 2008 | 9:36 a.m.

Motorists pulling up to the gas pump are now more likely to see a price that starts with a "three" instead of a "four."

AAA reported this morning that the average price of a gallon of gasoline in the Las Vegas metro area is $3.999. That's the lowest average gas price in the valley in about two months.

Prices began surging in February as the price of oil began to spike.

In early February, drivers in Las Vegas were paying about $3.04 for a gallon of gas. From there, prices marched upward and eventually set a record of $4.268 in Las Vegas on June 20.

The average price a month ago was $4.262, while motorists a year ago were shelling out an average of $2.903 for a gallon of gas.

Although Las Vegas prices are below the $4 mark, the statewide average today is $4.027, AAA reported. The national average today is $3.926.

Californians are paying the highest gas prices in the lower 48 states, at $4.28 a gallon. Nevada is among 12 states, as well as Washington, D.C., where the average gas price is above $4.

The price of oil has dropped about 17 percent from its peak above $147 a barrel earlier this month. Oil today is near $123 a barrel.