Gas Prices Continue to Retreat

The AAA’s Daily Fuel Gauge today reports that the current national average price for a gallon of regular unleaded gasoline is just $2.136 – 16 cents lower than two weeks ago when gas prices retreated below the $2.30 mark. The national average price is now 92 cents lower than on Sept. 5 of this year when the average price reached an all-time high of $3.057 per gallon.

Today’s nationwide average price compares to an average price of $1.937 per gallon recorded one year ago, AAA said. The drop in gasoline prices has coincided with a decline in crude oil prices, which is trading around $57 this week. Crude futures reached $60 last July and had remained well above that level until this month.

AAA believes the drop in oil prices justifies additional declines in retail gasoline prices up to the Thanksgiving holiday. This was a welcome developed for holiday travelers and could also improve prospects for other holiday spending, the organization says.

Today, the lowest statewide average gasoline prices in the nation are in Missouri at $1.94, followed by Oklahoma at $1.96. The highest statewide average price is in Hawaii at $2.66 per gallon.

AAA's Fuel Gauge Report is based on data from Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information. AAA purchases the data and makes it available free on the Internet as a public service.