Gasoline prices continue to drop

ST. LOUIS, Aug. 22 (UPI) -- Gasoline prices have likely peaked for the year and will continue to decline in coming weeks, analysts say.

"Unless you get another Katrina-Rita (hurricane) kind of event, odds are we've probably seen the worst of it," Bill O'Grady of A.G. Edwards & Sons tells USA Today.

The average U.S. price of a gallon of regular gasoline fell for the 11th consecutive day Monday, motor club AAA and the Oil Price Information Service said.

The nationwide average price was $2.924 Monday, down 7.6 cents from a week ago, the U.S. Energy Department said. That was the biggest one-week drop in nine months and the lowest price in two months.