HEATHROW, Fla., and BOSTON -- For the start of this week, July 25, the national gasoline retail average hit its lowest point since 2004.
That’s according to AAA, Heathrow, Fla., which reports that the national average of $2.16 per gallon was also at its lowest point since April. The retail average fell 5 cents per gallon (CPG) in the past week, 15 CPG in the past month, and 56 CPG from this same date last year.
Retail gasoline prices had fallen in 48 states from the previous month, including drops of 25 CPG or greater in Illinois, Indiana, Kentucky, Michigan and Ohio.
More than one-third of gas stations were selling regular for $2 or less. This compares to a month ago, when only 7% of retailers were at or below this price point.
Meanwhile, less than 1% of gas stations had a regular gasoline price of more than $3 per gallon at the start of this week. This is compared to 14% of gas stations above this price point one year ago.
AAA expects retail gas prices to stay low for the rest of the summer, citing crude oil supplies that have reached their highest point in 86 years. Also pressuring prices downward: growing fuel production. According to recent data from the American Petroleum Institute, June fuel deliveries rose 3% to hit their highest point in nine years.
Eleven states had retail averages of less than $2 at the start of this week, with South Carolina the lowest at $1.85 per gallon. The next lowest: Missouri ($1.92); Tennessee and Alabama (both at $1.93); Oklahoma and Mississippi ($1.94); Arkansas ($1.95); Virginia and New Jersey ($1.97); and Kentucky and Louisiana ($1.99).
The West Coast was home to the highest state averages, led by Hawaii at $2.80 per gallon, California ($2.80), Washington ($2.66), Alaska ($2.64), Oregon ($2.52) and Nevada ($2.51).
According to Boston-based GasBuddy, the spread between gas stations has widened as prices have fallen. For example, in San Francisco, the average retail for regular this week is $2.95 per gallon. But there is a $1.26 spread between the lowest price of $2.49 per gallon and the highest at $3.75 per gallon. This adds up to a more than $10 difference for one fill-up. GasBuddy found similar large spreads throughout California as well as Chicago, New York and Washington, D.C.
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