Gas prices down 1.2 cents in Lima region

Indiana leads nation with biggest price swing at the gas pump since November

The national gas-price average was $2.51 as of November 27, or 38 cents more than this time in 2016, AAA said.

Oil prices have given up some ground in the last few days but are still within close reach of multi-year highs and now stand at $57.61 per barrel as of Monday morning, down some 75 cents in early trading.

AAA is predicting drivers won't find "significant" holiday savings at the gas pump this December.

That price is still about 12 cents higher than this same time previous year and almost 29 cents lower than a month ago. The decline is at least partly fueled by rising rig counts in the United States, likely coming as a result of higher oil prices that were fueled by OPEC's year-old production cuts which have caused a drop of almost 120 million barrels in USA oil inventories versus last year. Gas prices, however, are still relatively high because of crude oil prices.

Gas prices dropped Monday to the lowest price in the South at four Hixson gas stations, but an industry analyst warned that the recent decline in fuel prices may be short lived.

Gas prices faced upward pressure last week due to an Organization of Petroleum Exporting Countries meeting and its impact on the oil market. "With OPEC deciding last week to extend last year's agreement on oil production cuts, the future for gasoline prices isn't as rosy".

But on Monday, oil prices fell more than 1 percent as the market eyed signs of rising USA production.

Kansas has the 12th lowest gas prices in the nation and has also seen the country's eighth largest drop in the past 30 days. U.S. West Texas Intermediate futures were down 89 cents, or 1.5 percent, at $57.47. The national average has decreased 6.4 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.

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