Gas prices take first fall since January

Motorists can breathe a sigh of relief as gas prices have started to fall. / File

According to AAA, for the first time since January, the weekly average for a gallon of gas has retreated.

The fall comes in the middle of rising gas prices which led to February's average of $3.65 the highest in history for the month says AAA.

AAA says that gas prices fell for several reasons including reports of poor manufacturing data in China and Europe, the dollar increasing in value against foreign currency and an increase in U.S. crude inventories.

"We're starting to see the inflated price of oil and gas drop to more appropriate levels given the economic circumstances," said AAA spokeswoman Jessica Brady. "This is the first week since January that gas prices have decreased. Hopefully this trend continues throughout March. However, March is the peak time for refinery maintenance to occur which could keep upward pressure on gas prices.

(Gas prices courtesy of AAA)