National Average Gasoline Price Fell Nearly 3 Cents Last Week
The average price of a gallon of gasoline is falling across the United States, likely due to oversupply and geopolitical concerns centered around China's economy.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
The average price of a gallon of gasoline is falling across the United States, likely due to oversupply and geopolitical concerns centered around China’s economy. The increased tension between Saudi Arabia and Iran caused a momentary blip, but once it appeared that the battles would continue to be fought in the proxy war in Yemen, Middle East tension dropped out as a factor that could raise crude oil prices.
Monday’s national average price, according to GasBuddy, was $1.964 for a gallon of regular gasoline, down a penny from the day before, and down 2.7 cents a gallon since last week’s average price of $1.991. Compared with this date last year, gasoline cost nearly 17 cents a gallon less, and the current price is the lowest since March of 2009.
The 2015 national average for the year was $2.402 per gallon, compared with the 2014 yearly average of $3.342 per gallon. In 2012 the national yearly average was $3.605 per gallon, the highest yearly average ever.
Average pump prices fell in all 50 states last week. The five states experiencing the largest drops are:
- Hawaii: down 75 cents and down more than $1.50 in the past two weeks
- Vermont: down 48 cents and down more than $1.00 in the past two weeks
- Alaska: down 47 cents and down more than $1.00 in the past two weeks
- New York: down 44 cents and down 94 cents in the past two weeks
- District of Columbia: down 44 cents and down about 90 cents in the past two weeks
[nativounit]
According to GasBuddy, the five states where gasoline is cheapest on Monday are:
- Missouri: $1.645
- Oklahoma: $1.663
- South Carolina: $1.708
- Arkansas: $1.711
- Alabama: $1.721
Gasoline is most expensive in five California metro areas: Los Angeles ($3.035), Orange County ($3.032), Ventura ($3.028), San Diego ($3.020) and Riverside ($3.005). The 16 cities with the most expensive gasoline are all in California, even though the statewide average fell by 1.3 cents.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
