Gas Price Decline Hits 60-Day Streak

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Gas Price Decline Hits 60-Day Streak

11/25/2014

WASHINGTON, D.C. — The national average gas price has fallen 60 consecutive days, reaching $2.81 for a gallon of regular gas as of Nov. 24. U.S. drivers are on track to pay the lowest Thanksgiving gas prices since 2009, when the national average was $2.63 per gallon, according to the latest AAA Fuel Gauge Report.

The current national average is 7 cents less than one week ago, a quarter less than one month ago and 46 cents less than one year ago. It is also the least expensive price since Nov. 4, 2010.

Drivers across the country are paying lower prices due to production exceeding demand and relatively few issues at local refineries, AAA said. South Carolina and Missouri residents are paying the lowest average price at $2.57 per gallon, while 38 states have averages below $3 per gallon.

States located in the West Coast and Northeast are paying the highest average prices, led by Hawaii ($3.91), Alaska ($3.54), New York ($3.20) and Connecticut ($3.14).

Still, the average gas price is below $4 per gallon in all 50 states and Washington, D.C., for the third week in a row.

Compared to one week ago, the price at the pump is down in every state and Washington, D.C., while 36 states and Washington, D.C., are seeing week-over-week savings of a nickel or more and seven of these states have seen prices drop by a dime or more. The biggest savings are in Indiana, Michigan and Ohio, where the average prices is down 13 cents.

All states and Washington, D.C., are also paying less month over month and year over year. Retail prices are down by at least a quarter per gallon in 41 states. The largest declines compared to one year ago are in Florida (down 59 cents), South Carolina (57 cents), Virginia (57 cents) and North Carolina (56 cents), yet 12 additional states are saving 50 cents or more per gallon.