Gas prices plunge as holiday travel approaches

Gas prices hit a low for the year on Monday as oil’s plunge led to rellief at the pump for US motorists.

The average national price of gas was $2.42 on Monday, according to AAA. That was 4 cents lower than a week ago, 28 cents lower than a month ago and 4 cents lower than a year ago.

Since gas briefly topped $2.90 per gallon in October, prices have plunged.

Fueling the slump: oil’s slide amid concerns about the economy and a glut of petroleum production. The U.S. price of oil has fallen by nearly a third since its early October peak to about $51 on Monday afternoon.

Gas is likely to continue heading downward as the holiday travel season approaches. AAA projected that the average price would likely fall to as low as $2.40 by the end of the month.