Gas Prices Took a Plunge in September
WASHINGTON, D.C. -- Much to the delight of drivers, gas prices are on the decline.
Fuel prices decreased more than 5 percent nationwide -- or 19 cents per regular gallon -- in September, which is the largest monthly decline since October 2012, according to AAA's Monthly Gas Price Report. The national average declined for 29 days in a row, which is the longest consecutive decline since April 2012.
Today, the average fuel price per regular gallon is $3.40, the lowest it's been since Jan. 30.This represents a 12-cent decrease compared to the average national gasoline price one year ago.
"Most drivers are paying the lowest gas prices in more than eight months due to abundant gas supplies, the end of the summer driving season, lower oil costs and the switchover to winter-blend gasoline," said Avery Ash, AAA spokesperson. "Supply and demand is working in most consumers' favor with consumption down and gasoline stocks more than 10 percent higher than a year ago."
The good news for consumers doesn't stop there. Gasoline prices could slip another 25 cents to 30 cents per gallon by December, said Ash. As many as 10 states could see the average price of a regular gallon of gasoline dip below $3 per gallon by the end of the year.
Several states in the Southeast -- where there is access to large local refineries and lower taxes -- are already seeing prices approach $3 per gallon. South Carolina has the lowest average price currently at $3.09.
The five states with the highest average gas prices are Hawaii ($4.26 per gallon), Alaska ($3.93), California ($3.92), Connecticut ($3.79) and New York ($3.73).
As CSNews Online previously reported, the national average for a regular gallon of gas surpassed $3 for a record 1,000th consecutive day earlier this month.