Gasoline prices down in Nevada, but US prices falling faster

Gasoline prices are falling in Nevada — but not as fast as national prices, AAA reported on Tuesday.

Silver State prices now average $2.48, down 3 cents from last month, the report notes.

Across the U.S., however, prices average $1.96, down seven cents from December, AAA says.

The report said Nevada continues to be the third most expensive market for retail gasoline in the nation, following California and Hawaii.

Reno is registering the state's highest pump price, with drivers paying an average price of $2.58 per gallon for unleaded regular gasoline. Carson City is registering Nevada's lowest price, at $2.25 a gallon. Las Vegas averages $2.50 a gallon.AAA, formerly the American Automobile Association, says prices have fallen in 45 states. The highest price in the country is reported in California at $2.85. The lowest average price is $1.64 in Missouri. Recurring refinery issues in California have affected prices there and in the surrounding states such as Nevada. Plummeting oil prices have pushed gasoline prices down.

On Tuesday, oil fell briefly below $30 a barrel, extending a sell-off that has wiped almost 20 percent off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint, Reuters reported.The day's near 4 percent drop marks a seventh day of losses for oil, Reuters noted.