Gas Price Drops Below $3 in Mississippi

By Douglas A. McIntyre Updated Jul 3, 8:08AM EDT · Published Jul 1, 10:15AM EDT

Gas Price Drops Below $3 in Mississippi — © marekuliasz / iStock via Getty Images

It has been a year since the price of regular gasoline reached a high of about $5 for the first time. Despite concerns that it would remain at that level due to high oil prices, it eventually dropped. However, it stayed above $4 for several weeks, contributing to a surge in inflation.

inflation rates have recently decreased, partially due to a significant decline in gas prices. The state that has experienced the most noticeable drop is Mississippi, where the current price stands at $2.93.

The price of an average gallon of regular is currently $3.54 nationwide. That is down from $4.84 a year ago. Fluctuations in oil prices are always the primary factor influencing gas price changes. Last June, crude oil reached $120 per barrel, whereas last week it was approximately $70.
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Another factor contributing to low gas prices is the proximity to major refinery locations, particularly along the Gulf of Mexico, south of Houston. Mississippi is as nearby as almost any other state. As proof of the matter, several states close to Houston have the lowest gas prices in the country, including Louisiana at $3.02 and Alabama at $3.06.
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State gas taxes, which are less known compared to oil prices, also play a role in gas prices. The national average for state gas taxes is $0.571. Mississippi has the second-lowest state gas tax at $0.372, highlighting the impact of government policies on consumer gas prices in. (These are the most fuel-efficient new SUVs in America.)

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.