According to data released by the Energy Information Administration, the average price of a gallon gasoline fell by roughly one cent last week, ending 12 consecutive weeks of increasing prices. The national average price for all grades of gasoline now stands at $2.92.
In additional good news, according to the same data, we’re currently paying about four cents per gallon less than at the same point last year when gas prices were averaging about $2.96 per gallon. Hopefully you’re not spending all the money you’re saving in one place!
Unfortunately, this week’s slight decline appears to be more of a pause before the summer driving season kicks in than the beginning of a more significant and prolonged price decrease.
Traditionally, gas prices will jump between 10% and 15% throughout the summer months, before beginning to drop towards the middle of September when demand drops and refineries switch to winter blends. I would imagine that this summer will be no different.
Despite this past week’s slight decrease in price, according to GasBuddy, there are now seven states that have average gas prices above $3 per gallon – which is actually up from six last week. California is experiencing the highest average gas price at $3.30 per gallon, while New Jersey has the lowest average price at $2.67 per gallon.
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I don’t know that a one cent decrease is anything to get too excited about, but at least it broke the trend a little bit!