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Thanks to a nearly two month slow and steady decrease in the national average price for a gallon of regular unleaded gasoline, the price of gas is actually less expensive now than what it was exactly one year ago.
According to GasBuddy, today’s national average gas price is at $2.975, which is slightly less than the average price of $2.976 of one year ago. There are now 27 states reporting average gas prices below $3 per gallon, with New Jersey reporting the lowest average price at $2.78 per gallon. On the flip side, Hawaii is reporting the highest average gas price at $3.32 per gallon.
On the surface this seems like pretty good news, especially if you’re just looking at the year over year comparison. However, when you remember that less than two months ago the national average price for a gallon of gasoline was sitting just under $3.25, it sort of takes the good feelings down a peg or two.
Where gasoline prices go from here is relatively unknown. If we can avoid a busy and severe hurricane season and don’t have the number of refinery issues that caused gasoline prices to spike during the first half of the year, we may very well see gas prices stay at current levels (or actually decrease slightly) throughout the rest of the summer.
But, if we have even one major hurricane hit the Gulf Coast region, or if refinery problems pop back up, I don’t think it’s unrealistic to think we may shatter the record high prices we set just a few months back. With there being a very fine line between supply and demand, just one minor hiccup could cause the national average gas price to jump back above $3 per gallon.
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I think it’s a reaction to political pressure… 2months ago there was a major demonstration in front of Chevrons corporate office in San Ramon Ca. (I live a mile away), additionally there has been a great deal off scrutiny of the profit margins of the oil companies. I Still a Gaurantee the price will be up for labor day !
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