|Gas prices are up 15 cents per gallon from a month ago. (Bloomberg News/File 2009)|
Falling oil prices are starting to pay off at the pump.
Gasoline prices fell yesterday for the fourth straight day, though the declines have been modest so far.
Prices of $2.74 per gallon were less than 2 pennies under the 15-month peak of $2.75 hit on Thursday, according to AAA, Wright Express and Oil Price Information Service.
Prices still are up 15 cents in the past month and 89.8 cents from a year ago.
Gas prices have spiked in the past month on a jump in oil prices.
Analyst Tom Kloza said to look for larger declines in gasoline prices over the next few weeks. January and February are typically a period of poor demand for transportation fuels.
Benchmark crude for February delivery rose 6 cents to $78.06 yesterday in trading on the New York Mercantile Exchange.
With the February contract set to expire today, traders were paying more attention to the March contract, which was off 19 cents a barrel at $78.18.