HEATHROW, Fla. -- The national retail average for regular gasoline has hit its lowest point since 2004.
According to AAA, the national average had steadily declined for 35 of the past 36 days to settle at $2.21 at the start of this week, July 18. This is 55 cents per gallon (CPG) lower than a year ago, and the lowest July average since 2004. Prices are set to continue to drop—in fact, the average fell to $2.20 per gallon one day later, July 19.
About one in four gas stations in the United States were selling regular for less than $2 per gallon. In 36 states, there was at least one fuel retailer offering gas below that price point.
AAA expects gasoline prices to stay low for the rest of the summer thanks to oil supplies that are 13% higher than this same time last year. Gasoline supplies have risen to 240 million barrels, their highest point ever for the month of July, according the U.S. Department of Energy.
South Carolina had the lowest state retail average for regular gasoline at the start of this week, or $1.88 per gallon. Almost 90% of gas stations in South Carolina were selling regular gasoline for less than $2 per gallon.
Six other states, many in the Southeast, also had an average below $2: Mississippi, Oklahoma, Tennessee and Alabama were all at $1.97 per gallon; Arkansas hit $1.98 and Missouri $1.996.
Six states had averages above $2.50 per gallon, led by California at $2.85. The others included Hawaii ($2.82), Washington ($2.67), Alaska ($2.65), Nevada ($2.55) and Oregon ($2.53). However, many West Coast states also saw big declines year over year, with California’s average down $1.03 per gallon and Alaska off 82 CPG. Nevada (down 71 CPG), Oregon (61 CPG), Hawaii (53 CPG) and Washington (53 CPG) also had large year-over-year drops.
In the Great Lakes region, where gasoline prices have been especially volatile this summer, just three states’ averages rose week over week. Michigan’s average grew 10 CPG, followed by Ohio at 9 CPG and Indiana at 2 CPG. Month over month, however, these and other Great Lakes states saw big price declines, led by Ohio with a 36-CPG drop, Illinois (down 32 CPG), Indiana (31 CPG), Michigan (27 CPG) and Wisconsin (22 CPG).
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