AAA Fuel Gauge Report: Relief at the Pump Reaches Every State
WASHINGTON, D.C. -- Fuel prices continue to fall and this time, motorists in every state are seeing a difference at the pump.
Monday's national average price for a gallon of regular unleaded gasoline was $3.59 -- 4 cents less than one week ago, 11 cents less than one month ago and 34 cents less than one year ago, according to the AAA Fuel Gauge Report. In addition, the 34-cent, year-over-year decline is the largest such mark since Oct. 20, 2009.
The national average has now fallen for five straight days, and for 34 of 40 days since this year's peak price to date of $3.79 on Feb. 27. In 2011, the national average for regular unleaded gasoline peaked at $3.98 on May 5. In 2012, the price peaked at $3.94 on April 5 and 6, the AAA report noted.
On a year-over-year basis, motorists in every state are seeing relief at the pump. In fact, according to AAA, nine states have seen gas prices drop more than 40 cents year over year.
Month-over-month relief has been nearly as universal, with drivers in only four states paying more than they did a month ago: Utah (13 cents more), Idaho (5 cents), Colorado (3 cents) and Montana (2 cents).
Gas prices have been on a rollercoaster ride in recent years, and this year has been no different. Retail gas prices across the country surged at the beginning of the year, as the national average increased 49 cents through the end of February. This was the largest increase on record for the first two months of a year, the report stated.
"The run-up was only somewhat attributed to higher crude oil prices and was instead driven by a decline in refinery production and higher gasoline futures prices," the AAA Fuel Gauge Report explained. "Similarly, the recent decline following the dramatic rise has not been a product of lower crude oil prices, which have actually increased during this stretch. Falling retail gas prices have instead been the result of an increase in refinery production and economic concerns, which have raised demand concerns."