The national average price for a gallon of regular gasoline fell 2.9 cents in the past week to $2.133. The median price dropped one cent a gallon to $2.069, and the average difference between the highest 5% of prices and the lowest 5% prices is now $1.162. One year ago, a gallon of regular gas averaged $2.659 in the United States, some 56 cents a gallon more than this Monday morning’s benchmark.
Just four states — Indiana, Ohio, Utah, and Missouri — experienced price increases in the past week. The state showing the largest decrease for the week is California, where the average price fell by more than seven cents a gallon. California drivers don’t often experience that kind of treatment from gasoline prices.
The five states where the year-over-year price of gasoline has declined the most are California (by $1.05), Alaska ($0.88), Nevada ($0.78), Arizona ($0.67) and Colorado ($0.66).
Falling prices are likely to continue for another week, according to GasBuddy:
For the week ahead, barring any major disruption, GasBuddy expects the national average to continue declining, thanks to falling gas prices in the Great Lakes after the area experienced its infamous price cycle last week that led to a temporary rise in fuel prices there. The decline is likely to be again led by California and perhaps Great Lakes states, so motorists there are advised to hold off on filling up for the time being.
The five states with the lowest average prices are South Carolina ($1.831), Alabama ($1.874), Oklahoma ($1.883), Tennessee ($1.886) and Mississippi ($1.999). Gas prices exceed $2.50 in just four states, led by California ($2.725), Hawaii ($2.724), Washington ($2.619) and Alaska ($2.573).
Motorists in Chattanooga, Tennessee, currently enjoy the lowest prices in the country, $1.749, followed closed by Myrtle Beach, South Carolina, at $1.788. Gasoline is most expensive in San Francisco, at $2.884 a gallon.
Benchmark West Texas Intermediate (WTI) crude oil for September delivery traded down nearly 2.3% Monday morning to $40.64, following a 6.5% drop last week. Both crude oil and refined products inventories remain well above their five-year averages.