Gas prices will soon drop to their lowest level of the year.
By Monday, the national average should fall below the $3.2775 a gallon drivers were paying on Jan. 1, according to analysts. The drop is a present for those planning to hit the road during what is expected to be the busiest Christmas travel season in six years.
The price of oil fell Wednesday as traders looked for signs of progress in negotiations over U.S. budget issues.
Benchmark oil dropped 69 cents to finish at $86.49 per barrel in New York. Earlier, the price was down nearly 2 percent. But much of the loss was erased after a Federal Reserve survey showed economic growth improved in October and early November across much of the country.
Six Democratic senators representing West Coast states asked the Justice Department to investigate recent gasoline price spikes on the West Coast, believing oil refineries might have created a false perception of supply shortages, Reuters reports.
Sens. James Inhofe, R-Okla., and Lisa Murkowski, R-Alaska, are calling for a joint hearing of the Environment and Public Works and Energy and Natural Resources committees on the rapid rise of California gas prices, The Hill reports.
Liberal watchdog group Checks and Balances Project said the State Department inspector general is investigating potential conflicts of interests in the department's environmental review of the Keystone XL pipeline, The Hill reports.