Price Of Gas Plunges For Third Consecutive Week

Gas Price Declines Nearing Three Month Mark Gas price trends for week of September 22, 2014

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.


Gas Prices Begin Autumn Tumble

Cost Of Driving Plunges As Summer Comes To End Gas price trend for September 15, 2014

The average U.S. price of a gallon of gasoline took a sizable drop during the past week, according to the latest survey from the U.S. Energy Information Administration. The latest E.I.A. fuel price survey shows the nationwide average for a gallon of regular unleaded is down to $3.41, a week-over-week drop of more than 5¢ per gallon.

Some regions enjoyed a more substantial price dip. For instance, Midwestern drivers found their average cost of gas was down by about 8¢ per gallon to $3.36. For drivers along the Gulf Coast, this week’s price drop pushed the cost of a gallon of gas below the $3.20 mark for the first time since February 17.

The nation’s most expensive region continues to be the West Coast, where gas prices remain stubbornly high. The average driver along the Pacific rim is paying about $3.74 per gallon, but that is well below the peak prices suffered in the heat of summer, when the cost of gas was regularly above $4.00.

Truckers Also Catch Price Break At The Pump

Truckers are experiencing a noticeable decline in prices, too. The last official week of summer begins with the average price of diesel at $3.80 per gallon. That is down from last week and off more than 17¢ compared to the same period a year ago.

Truckers along the West Coast are, like their gas-powered counterparts, paying the most for fuel. Diesel is currently averaging $4.01 per gallon on the West Coast. The least expensive region is the Gulf Coast, where diesel averages $3.71 per gallon.