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So much for all of those gloom and doom “the sky is falling and gas will be $4 by the end of the summer” predictions (including several that I published on this site).
According to GasBuddy.com, the national average gas price for a gallon of regular unleaded gasoline is now at roughly $2.88 per gallon – which is about 12 cents lower than where we were at the same time last year, and 37 cents lower than this summer’s record high national average gas price.
Currently there are 39 states reporting an average gas price below $3 per gallon. Mississippi has the lowest prices at $2.64 per gallon, while Hawaii is reporting the highest prices at $3.34 per gallon.
It seems that the biggest catalyst behind the continued fall in gasoline prices is the lack of problems at refineries throughout the country. Early last week, there were several problems at various refineries throughout the mid-west, which caused the national average gas price to shoot above $3 per gallon. Once those problems were taken care of, prices settled and resumed their drop.
Couple the lack of refinery problems with a slow hurricane season and you’ve got a pretty good recipe for falling gasoline prices.
Let’s just hope that it continues!
{ 2 comments… read them below or add one }
Hope, pray, do a rain dance, whatever is needed to keep the prices down a bit! I was also surprised that prices haven’t been going up as high as predicted. I won’t complain either!
I’m not sure if I want prices to go up or down. Naturally, my wallet and financial sense say down down down! But on the flip side, I would like to see people migrate towards more fuel-efficient cars, which means the price needs to head back north.
A small price drop now won’t make up for the impending shock that is sure to come if we don’t reduce our fuel usage soon.