WASHINGTON -- The Nov. 4 average price for regular unleaded gasoline--$3.25 per gallon--is the lowest since Dec. 26, 2012, according to the latest AAA Fuel Gauge report. The national average price at the pump is three cents cheaper than one week ago, 11 cents cheaper than one month ago and 22 cents less than the same date last year. Prices have dropped 34 cents since Sept. 1 and have fallen on 57 of 64 days during this span.
Lower prices at the pump continue to be enjoyed nationwide, as motorists in every state and Washington, D.C., are appreciating cheaper prices than a year ago. Drivers in 48 states and D.C. are paying less than one month ago, led by drops of at least 20 cents in nine states and 33 cents in Montana. Only two states (Ohio and Indiana) are posting higher month-over-month pump prices, and both averages have risen less than a penny and half. These also are two of only four states-- including Michigan and Hawaii--where prices are higher on the week.
As was the case last Monday, Missouri is the only state below $3 per gallon ($2.91); however, as many as five more states may fall below this threshold before the week is out including Arkansas ($3.00), Texas ($3.01), Oklahoma ($3.01), Kansas ($3.03) and Louisiana ($3.05) and four additional states have an average price within a dime of $3: Mississippi ($3.07), South Carolina ($3.09), New Mexico ($3.09) and Iowa ($3.10). Hawaii continues to be the only state with an average price higher than $4 per gallon ($4.09).
AAA said that it expects the national average price at the pump will drop to as low as $3.10 per gallon before the end of the year and many consumers will enjoy local prices below $3 per gallon as the holidays draw near.
As discussed in recent AAA Fuel Gauge Reports, even as national gas prices have drifted lower, sustained expensive crude oil prices have been an effective floor for how low pump prices could fall. After settling above $100 per barrel for 15 straight weeks, the price of West Texas Intermediate (WTI) crude oil finally settled below this mark on October 21 and has remained there each trading day since. At the close of today's formal trading on the NYMEX WTI settled at $94.62 per barrel--just a penny above Friday's settlement price which was the lowest since June 21.
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