by Calculated Risk on 5/07/2012 09:03:00 AM

Oil and gasoline prices have been falling recently. West Texas Intermediate (WTI) futures are down to $97.80, and Brent is down to $112.84 per barrel.

From Bloomberg: U.S. Gasoline Falls to $3.85 a Gallon, Lundberg Survey Shows

The average price for regular gasoline at U.S. filling stations fell 6.75 cents to $3.8452 a gallon, according to Lundberg Survey Inc.

... The price is 15.49 cents lower than a year earlier, when the average was $3.9998. The highest average this year was $3.9671, during the period ended April 6.

“It is crude oil that has delivered this retail gasoline price decline,” Trilby Lundberg, president of Lundberg Survey, said yesterday in a telephone interview.

The following graph shows the decline in gasoline prices. Gasoline prices are down from the peak in early April, and are down year-over-year.

Note: The graph shows oil prices for WTI; gasoline prices in most of the U.S. are impacted more by Brent prices.

Orange County Historical Gas Price Charts Provided by GasBuddy.com