The drop in gasoline prices is over for now. The average per-gallon price of regular nationwide, according to the AAA Fuel Gauge, was $3.782, compared to $3.780 the day before and $3.805 a month ago.
Given the drop in oil prices, gas prices logically should have fallen more. But concerns about supply, the instability of Iran and OPEC’s plans for early next year have kept prices high. Refinery activity in the United States may play a part as well. The problem is worse than its seems, when several of the most populous states are taken into account. Prices are above $4 in California, Connecticut and New York, and just below that level in Michigan, Illinois and Massachusetts.
If the fiscal cliff is reached, these gas prices could be the last straw to break the back of consumer spending.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.