Gas prices have dropped 13 days in a row as the national average for regular unleaded fell to the lowest it's been since February. The AAA Daily Fuel Gauge Report on Thursday showed that the national average for regular gas was $2.22 a gallon, down 7 cents from a week ago, while the average price of regular was less than $2 a gallon in seven states.
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Prices started to climb in late-September after several refineries slowed or halted gas production to perform routine seasonal or emergency maintenance, temporarily reducing the supply of gas and pushing up pump prices. Much of that maintenance has been completed, and the supply of gas is back to normal levels in most regions. GasBuddy.com said nearly 25 percent of stations nationally are selling gas for less than $2, and predicted that cheaper gas should become more widespread.
"That number will likely grow in the months ahead as refiners continue to finish maintenance and resume producing gasoline at a time when demand is low, contributing downward pressure to gasoline prices," GasBuddy senior petroleum analyst Patrick DeHaan said in a statement.
Despite recent market gyrations, U.S. oil prices still hovered around $46 a barrel on Thursday, about $31 cheaper than a year ago. Oil accounts for more than half the price of gas, and the current low prices are a major reason motorists are paying less at the pump compared with October 2014.
The national average for regular gas is 87 cents cheaper than it was a year ago, according to AAA, and at $2.72 premium gas is 76 cents cheaper; diesel fuel is $1.12 cheaper at $2.51 a gallon. Diesel prices may not continue to fall, however, because some of the heavier oil used to make diesel is diverted to heating oil during the cold months, reducing the available supply.
South Carolina has the cheapest gas, at a statewide average of $1.92 a gallon. Alabama and Mississippi average $1.95 and New Jersey, $1.96. Louisiana, Tennessee and Texas also are at less than $2. Prices edged up about a penny in Hawaii the past week to $2.90. At the same time regular fell 4 cents a gallon in California to $2.86, making Hawaii the most expensive state for gas. Nevada, at $2.79, and Alaska, at $2.58, are the only other states that average more than $2.50. Prices have been falling quickly in Alaska, dropping 13 cents the past week and 55 cents the past month.
As refineries in the nation's midsection completed maintenance and resumed normal production, pump prices fell by double digits the past week in several states, including Illinois, Indiana, Michigan, Missouri, Ohio and Oklahoma. The biggest declines were in Ohio, where the average for regular fell 19 cents to $2.21, and in Indiana, where the average dropped 20 cents to $2.21.
from Cars.com News http://ift.tt/1GlRunF
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