Gasoline prices continue to tumble

AUSTIN (KXAN) - Average retail gasoline prices in Austin fell 6.3 center per gallon in the past week, averaging $3.16 Sunday.

This compares to the national average drop of 6.6 cents in the last week to $3.37 a gallon, according to GasBuddy.com.

Including the change in gas prices in Austin during the past week, prices Sunday were 25.4 cents per gallon lower than the same day one year ago. Meanwhile, the national average stands 19.8 cents per gallon lower than one year ago.

• Mapping the Austin-area gas prices

Prices since a month ago stand at 27.8 cents lower in Austin and 24.0 cents per gallon lower nationwide.

"Oil prices rose significantly last Friday, reversing a downward trend," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

"It was the largest single-day jump in recent memory. In some areas of the country, specifically the Great Lakes, gas station margins are fast approaching negative territory, meaning price hikes can be expected there. Other regions may see prices stabilize or jump higher as well.

"One thing is for sure: The yellow brick road won't be leading us to cheaper pumps for much longer, something many Americans will undoubtedly tie to the upcoming holiday."

If you want to keep track of the changes in gas prices, GasBuddy offers a free smartphone app to help travelers find gas prices in their area.