Gas prices drop across the U.S. due to record oil production

Gas prices are dropping across the U.S., though not as much locally. Thanks to record oil production in July, the national average price for regular gas has fallen to $3.07, which is five cents less than last month.

In 33 states, gas prices have dipped below $3. Oklahoma boasts the lowest price at $2.57. However, this is not the case in Washington or Idaho.

Experts attribute the drop in prices to a decrease in gasoline demand. Drivers are opting to fill up their tanks less frequently or are moving away from gasoline altogether.

"Increasing sales of electric and hybrid cars that are replacing gasoline powered cars on the road is negatively impacting on gasoline demand. And of course that helps temper increases in gasoline prices into the future," Oil Analyst Andy Lipow said.

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