Gas Prices See Longest Consecutive Decline Since 2008

WASHINGTON, D.C. — The national average gas price on Nov. 10 hit its 46th day of decline, marking the longest consecutive decline since 2008, according to the latest AAA Fuel Gauge Report. The average price for a gallon of regular gasoline is now $2.93, which is a nickel less than one week ago, 29 cents less than a month ago and 26 cents less than a year ago.

The price at the pump has fallen 77 cents since the 2014 peak of $3.70 reached on April 28. This represents an estimated savings of more than $250 million each day for American drivers.

Unless any unanticipated market-moving events occur this winter, the retail price of gasoline is expected to remain relatively low, AAA said. Consumers are likely to experience the lowest Thanksgiving prices since 2009 as gas stations continue to adjust to falling oil prices in the global market.

The average gas price is currently below the $3-per-gallon threshold in 27 states, with drivers in South Carolina ($2.67), Tennessee ($2.70) and Mississippi ($2.71) paying the least.

Hawaii drivers are paying the most at $3.99 per gallon, but the state average fell below $4 for the first time since Jan. 9 on Saturday, Nov. 8. Hawaii is followed by Alaska ($3.64), New York ($3.29) and Connecticut ($3.23) as the country's most expensive markets.

Over the past 30 days, every state and Washington, D.C., saw double-digit price drops, while 34 states and Washington, D.C., saved a quarter or more per gallon on average. The states seeing the largest monthly savings are on the West Coast: Oregon (minus 47 cents), Washington (44 cents) and California (40 cents).

States with the largest year-over-year declines are California (down 40 cents), Maine (39 cents), Delaware (38 cents) and Alabama (37 cents). During this timeframe, 43 states and Washington, D.C., have saved more than a dime per gallon, and every state but Nebraska (down 3 cents) has saved at least a nickel.