According to the AAA Fuel Gauge Report, after dropping 54 of 55 days, the national average price of gasoline at the pump has held steady over the past week but has declined each of the past four days. The national average price for regular unleaded is $2.12 per gallon, which is the lowest price for this date since 2004. Yesterday’s price is fractions of a penny more than one week ago, but is nine cents less than one month ago and 54 cents less than the same date last year.
As of yesterday, approximately 41 percent of gas stations nationwide were selling gasoline for $2.00 per gallon or less, a slight decrease from the 43 percent last week but a sharp contrast to the tenth of a percent below this threshold on this date in 2015. Eight percent of stations nationwide are selling gasoline for more than $2.50 per gallon, down slightly from the nine percent of stations one month ago and substantially from the 56 percent one year ago.
With gasoline supplies high and oil prices still relatively low, pump prices are likely to remain cheap through the rest of the summer and into the fall and could even dip back below $2.00 per gallon once the summer driving season is complete. However, a major market-moving event, like a hurricane or increasing crude oil costs, is not out of the question and could still offset this decline and temporarily drive pump prices higher.
State Prices
Gas prices in twelve states are now below $2.00 per gallon: South Carolina ($1.82), Alabama ($1.86), Mississippi ($1.90), Tennessee ($1.90), New Jersey ($1.90), Virginia ($1.91), Arkansas ($1.94), Delaware ($1.97), Texas ($1.97), Louisiana ($1.97), Oklahoma ($1.99), and North Carolina ($1.996).
Despite year-over-year savings, West Coast drivers continue to pay the most for gasoline, including the seven highest state averages and the only four states where drivers are paying an average of more than $2.50: Hawaii ($2.70), California ($2.62), Washington ($2.58), and Alaska ($2.57).