Pump Price Reaches 44-Month Low
WASHINGTON, D.C. — The national average gas price fell for 25 consecutive days as of Oct. 20 as oil prices dropped sharply, according to the latest AAA Fuel Gauge Report. The national average price for a gallon of regular unleaded gasoline was $3.10 on Monday, which is the lowest price recorded since Feb. 1, 2011.
This marks a 44-month low for the price of a regular gallon of gas, and increases the likelihood that the national average will fall to $3 per gallon for the first time since 2010.
Drivers are currently saving an average of 60 cents per gallon compared to the 2014 high of $3.70 per gallon seen on April 28. Pump prices have fallen 10 percent since Labor Day, when the national average was $3.44 per gallon.
For every penny that the national average falls, were the lower price sustained over the course of a year, more than $1 billion per year in additional consumer spending is estimated to be freed up, AAA noted.
The average price is now below $3 per gallon in 17 states. At the lowest end of the spectrum, Missouri drivers are paying an average of $2.77 per gallon, a state low not seen since 2010.
The 10 most expensive markets are primarily along the West Coast and in the Northeast, led by Hawaii ($4.08), Alaska ($3.80), California ($3.50) and New York ($3.45).
Compared to one week ago, the average pump price is down in 48 states and Washington, D.C., and down by a dime or more in 23 states and Washington, D.C.
The largest week-over-week discounts are in Kentucky (down 17 cents), Indiana (16 cents) and Georgia (14 cents). Only two states saw their average gas price increase in the last week: Ohio (up 3 cents) and Michigan (up fractions of a penny).
In month-over-month and year-over-year comparisons, the average gas price is down in every state and Washington, D.C.
Compared to one month ago, Washington and Oregon are seeing the greatest discount at 40 cents for each, followed by Kentucky and Colorado (39 cents).
Compared to one year ago, Kentucky (down 42 cents), Indiana (40 cents) and Delaware (36 cents) are leading in discounts.