The price of gas is falling across the US as oil values continue to drop, it has been reported.

According to Reuters, Energy Department figures show a 33.3 cents fall in pump prices on average, with gas now costing $3.15 a gallon.

On Tuesday, the price of oil fell to $79 a barrel - a long way away from the $140 price tag experienced over the summer.

And consumers struggling with debt may benefit from this at gas stations for some time to come, with experts predicting that oil prices could stabilize in the $75 to $85 range.

Mike Zambreski of brokerage OptionsXpress remarked: "We may be seeing the start of some stability. I think the market is kind of tired of all the volatility."

The Gulf Coast has the lowest regional price for gasoline, 16 cents below the national average at $2.99.

This figure is down 45 cents on a year ago.

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