Energy

Gasoline Price Drops 6 Cents per Gallon in a Week

GasStationPump
Source: Wikimedia Commons
The national average price for a gallon of regular gasoline in the United States Monday morning was $2.19, down six cents compared with last Monday’s average. A gallon of gasoline now costs less than $3 in all 50 states.

Nine states reported gas selling for $2 a gallon or less: South Carolina ($1.88), Mississippi ($1.91), Alabama ($1.92), New Jersey ($1.94), Louisiana ($1.94), Texas ($1.95), Tennessee ($1.95), Virginia ($1.99) and Arkansas ($2.00). Last Monday, only six states posted gasoline prices at or below $2 a gallon.

Not one metro market in the United States was averaging above $3 Monday. Los Angeles has an average price at $2.94 versus $3.42 a year ago; Chicago’s average was $2.52 versus $3.29 a year ago; and New York stood at $2.43 versus $3.42 last year.

The analysts at GasBuddy commented on the price decline:

The market fundamentals appear to be moving favorably for U.S. motorists; pushing the benchmark West Texas Intermediate crude lower, as it starts the week at $44.53 [per barrel]. The International Energy Agency reported earlier that global demand is projected to decline in 2016 and the apparent weakness in China and the U.S. economy drive two-thirds of projected demand. At the same time, gasoline supply is expected to return to robust levels in the U.S. and not surprisingly, the national average, $2.19 / gal., has declined by 6 cents per gallon in just the past week.

The price of a regular gallon of gasoline was down nearly 10 cents a gallon, compared with last month’s price, and is down nearly 85 cents compared with the price a year ago.

ALSO READ: America’s Most (and Least) Expensive Cars

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.