Gasoline prices could slide another 20 cents

By CHRIS KAHN | October 25, 2011 | 2:01 PM EDT

NEW YORK (AP) — Retail gasoline prices have dropped about 50 cents a gallon since the spring, and motorists could see them slide another 20 cents before the end of the year.

The national average, which slipped to $3.446 per gallon on Tuesday, should continue to fall at least through the new year, according to the Energy Information Administration.

Prices have declined for a few reasons: Motorists drive less in the fall than in the summer, and they've bought less gasoline this year than they did in 2010. Also gasoline tends to be cheaper in the fall because refineries make lower-cost winter fuel blends.

Meanwhile, benchmark West Texas Intermediate crude on Tuesday rose $2.22, or 2.4 percent, to $93.49 per barrel in New York, while Brent crude fell $1.03 to $110.42 in London.