More States Drop Below $2-Per-Gallon Pump Prices
WASHINGTON, D.C. — U.S. drivers continue to see relief at the pump, as they paid an average price of $2.13 per gallon as of Monday. This is more than 40 percent lower than the 2014 peak price of $3.70, which was reached on April 28, according to the latest AAA Fuel Gauge Report.
The national average continues to test lows not seen since May 2009, AAA said. It has now dropped a record 109 consecutive days for a total decline of $1.22 per gallon during this period.
The national average is seven cents less than one week ago, 45 cents less than one month ago and $1.18 less than one year ago. It is expected to remain below $3 per gallon in 2015 barring any major increases in the global price of crude oil.
The average price at the pump fell below $2 per gallon in 11 states over the past week, bringing the total number to 18 states. If current trends continue, this could increase to 25 states by the end of next week, AAA said.
The average price is more than $2.50 in only five states and Washington, D.C. The least expensive markets are in the mid-continent, with Missouri ($1.77), Oklahoma ($1.82) and Kansas ($1.84) seeing the lowest average prices. For the second week in a row, Hawaii is the only state with an average above $3 per gallon at $3.42. Alaska ($2.93), New York ($2.62), California ($2.60) and Washington, D.C. ($2.57) are the next most expensive markets.
The average price is down month over month in all 50 states and Washington, D.C., with drivers in Idaho (down 71 cents), Utah (64 cents), Montana (63 cents) and Wyoming (62 cents) saving the most. Seventeen states are posting savings of 50 cents or more. Even the most expensive markets are seeing significant savings over this period, with price drops of more than a quarter in Hawaii (down 30 cents), California (30 cents) and Washington, D.C. (34 cents).
The largest discounts and magnitude of the multi-month price decline can be seen in yearly comparisons. The most extreme year-over-year price drops have occurred in the Midwest states of Michigan (down $1.45), Ohio ($1.43), Indiana ($1.40) and Illinois ($1.31). With the exception of the country's most expensive market, Hawaii (down 59 cents), the price at the pump has dropped by at least 70 cents per gallon in every state and Washington, D.C., compared to the same date one year ago.
Additionally, drivers are saving more than $1 per gallon in 43 states and Washington, D.C., while nine states saw discounts of $1.25 or more over this same period.