Despite Recent Climb, Gasoline Prices Still 40% Below Peak

The national average price of a gallon of regular unleaded gasoline has fallen three cents over the past week to $2.60, and now stands at a nearly two month low.

This recent decline in the price of gasoline is pretty much in-step with the decline of the price of oil, which has been brought about by larger than expected reserve reports as well as a stronger dollar.

Despite the recent decline in price, the national average gasoline price is still nearly 60% higher than it was at this time last year.  Although, to put things in a little bit of perspective, the price of gasoline is still nearly 40% below the record high of $4.12 set back in July 2007.

Currently only two states – Alaska ($3.80) and Hawaii ($3.34) – are reporting average prices above $3 per gallon. There are now 18 states reporting an average price below $2.50 per gallon, with Oklahoma coming in with the lowest state-wide average price at $2.38 per gallon.

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