Gas Pump Prices Down 5 Cents in Past Week

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The price of gasoline on Monday morning was 5.2 cents lower, compared with last week’s pump price for a gallon of regular gasoline. Compared with the same day last year, prices are down by nearly two cents.

The most common price for a gallon of regular gas in the United States is $1.999, flat with a year ago and down a penny from last week’s price. Only Hawaii saw an increase in the price of gasoline over the past week, and the increase was just 0.8 cents a gallon.

There are no U.S. gas stations charging more than $4.00 a gallon for gas, and just 0.1% charging between $3.50 and $4 a gallon. No gas station is charging less than $1.50 a gallon, and more than 88% are charging between $1.75 and $2.50 a gallon.

Patrick DeHaan, senior petroleum analyst at GasBuddy.com, said:

As oil prices have crumbled under the realization that supply continues to outpace demand, gasoline prices have fallen in tandem as we approach the holiday season. I’m sure that’s music to the ears of millions of motorists. While all eyes should remain on OPEC’s reaction and coming meeting, motorists will likely continue to see the national average falling this week, catching up to the fall in oil prices, which now have taken oil to the lowest level since March.

The five states where prices changed the most last week were Indiana (down 15 cents), Ohio (down 12 cents), Michigan (down 12 cents), Illinois (down 9 cents) and Kentucky (down 9 cents).

The five states where average per-gallon gasoline prices were cheapest were Oklahoma ($1.97), Arkansas ($2.02), New Jersey ($2.03), Ohio ($2.03) and South Carolina ($2.04). Eight other states posted average prices below $2.10 a gallon: Texas, Kansas, Mississippi, Tennessee, Louisiana, Alabama, Virginia and Michigan.

The five states posting the highest averages were Hawaii ($2.936), California ($2.761), Washington ($2.669), Alaska ($2.578) and Nevada ($2.509). No other state had a price above $2.50 a gallon.

Gasoline prices have dropped below $2.00 a gallon in 12 states: Oklahoma ($1.825), Missouri ($1.863), Kansas ($1.930), Arkansas ($1.933), Indiana ($1.953), Texas ($1.965), Ohio ($1.976), Minnesota ($1.982), Mississippi ($1.982), Louisiana ($1.989), South Carolina ($1.996) and Alabama ($1.998).

Oil producers saw no relief in Monday trading. Benchmark West Texas Intermediate (WTI) crude oil for December delivery traded down about 1.9% at $42.59, after closing at $43.41 on Friday. Both crude oil and refined products inventories remain well above their five-year U.S. averages.