Gas Price Declines Nearing Three Month Mark
The average price of gas in the U.S. dropped over 5¢ per gallon last week, virtually repeating the price drop from the previous week. That brings the overall decline in gas prices over the past 14 days to 11¢. Currently, the average gas price is $3.35 per gallon, according to the latest survey from the Energy Information Administration.
Except for an interruption in price declines the week of September 1, the current run of gas-price declines is nearly three months long. The average price of fuel for U.S. has plunged by 35¢ per gallon since the beginning of July, when prices were at their summer peak of $3.70 per gallon. For drivers across the U.S., regional gas prices fell virtually in lockstep with the previous week’s declines.
The Midwest, for instance, experienced a second week of price dips of 8¢ per gallon. The average price of gas across the nation’s mid-section is now $3.28 per gallon, making the third U.S. region to have gas prices break below the $3.30 mark.
The Lower Atlantic states eased through that barrier last week with prices at $3.29 per gallon. This week, drivers in the Lower Atlantic states are paying an average of $3.26 per gallon, although prices in many urban centers are much higher.
Meanwhile, the low spot for gasoline in the U.S. remains the Gulf Coast, where prices dropped to $3.13 per gallon this week.
Gas Prices Following Crude Futures
The cost of gas has been following the downward trend in crude oil prices. West Texas Intermediate, the domestic crude benchmark, was trading near $105 per barrel in mid-summer. Currently, WTI is trading just under $92 per barrel, and intraday trades have flirted with the $90 mark a number of times during the past week. Brent Light Sweet Crude, the overseas benchmark, was trading near $113 per barrel as recently as three months ago. Brent was trading just under $97 per barrel at 1 p.m. Tuesday, the lowest the futures index has been in the past 15 months.
Truckers Enjoying Break At The Pump
The good news for drivers of regular cars extends to drivers of America’s tractor-trailer rigs. Truckers are paying less for diesel this week than last, with the average price of a gallon of diesel down to $3.78 per gallon. As with last week, the year-over-year prices are off more than 17¢ per gallon.