Where's the relief at the pump?

August 17, 2011 1:20:54 PM PDT
Oil prices have been on the way down, but gas prices haven't slid as dramatically.

The average price of a regular gallon of gas nationwide started this week at three dollars and fifty-nine cents per gallon, according to AAA.

That's about seven cents lower than last week, but still 84 cents higher than this time last year.

AAA says retailers usually cause the lag in prices and that's whether prices are going up or down.

"When the prices increase rapidly, retailers will absorb some of those costs to remain competitive. And when they decline rapidly, they'll take their time in reducing the costs to try to make up for some of that loss," Troy Green, AAA National spokesperson, said.

In addition to the decline in oil prices, the end of the summer driving season on Labor Day should temper prices too.

"The kids are back in school, people are back at work, you're no longer taking those summer vacations and gasoline demand is reduced. And that's usually when we see the price of gasoline decline, in the middle of September, going into October, November," Green said.

Until then shop with your steering wheel, and fill up in areas where there's competition among gas stations, and prices may be lower.