The American Automobile Association reports the average U.S. price for regular grade gasoline has dropped six cents a gallon since late last week, to $4.06, a dime less than Idaho’s current price of $4.16. Oil prices fell another $3.79 a barrel this week to $127.50, some $20 lower than a record all-time high of $147 set July 11.

AAA-Idaho’s Dave Carlson says if the trend continues, the nation’s average pump price could drop below the $4 mark over the next week or so.

AAA-Idaho’s Dave Carlson comments

The gasoline futures market, which provides a bid price for the expected price of gasoline a month out, has also tumbled. Two weeks ago, the wholesale price for gasoline, less taxes and delivery pushed above $3.50. However, the recent drop in price has put the wholesale August delivery price in the $3.12 range. With gas taxes and delivery prices added, and without any near-term threats to supply, Carlson says that could mean gasoline prices could be in the $3.75 range next month.

Carlson continues

Idaho’s average price for a gallon of gasoline is currently $4.16 and has been above the $3.00 mark all year.