National Gas Price Drops for Third Straight Week: 40 States Post Lower Prices

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Gasoline prices have fallen for a third straight week, down to $2.28 per gallon for regular nationwide. Weak gas demand, rising crude oil inventories and high refinery capacity were major contributors to the dip.

According to research firm GasBuddy, prices nationwide fell 1.3 cents last week and set a pattern last posted nine years ago. Patrick DeHaan, senior petroleum analyst for GasBuddy. wrote:

Remarkably, for a third straight week, average gasoline prices have declined. In fact, for the first time since at least 2008 average gasoline prices today stand cheaper today than they started the year.

The reasons for the drop are likely to keep gas prices from a rapid rise in the near future, GasBuddy experts said.

Gas prices dropped in all but 10 states: Arizona, Colorado, Florida, Louisiana, Minnesota, New Mexico, North Carolina, South Carolina, Texas and Virginia.

The states where prices declined the most were largely in the Midwest. These included Michigan (down eight cents), Ohio (seven cents), Indiana (six cents), Missouri (four cents) and Wyoming (four cents).

A large number of gas stations have prices below $2, according to the research:

Nearly 14,000 gas stations were selling gasoline at or under $2 per gallon this morning, down slightly from last week’s 14,715.

Oil prices, usually the largest contributor to gas prices, have been down slightly over the past week. The price of crude is currently $47.60, down 1% from five days ago.