National Average Gasoline Price Fell Nearly 3 Cents Last Week

The average price of a gallon of gasoline is falling across the United States, likely due to oversupply and geopolitical concerns centered around China’s economy. The increased tension between Saudi Arabia and Iran caused a momentary blip, but once it appeared that the battles would continue to be fought in the proxy war in Yemen, Middle East tension dropped out as a factor that could raise crude oil prices.

Monday’s national average price, according to GasBuddy, was $1.964 for a gallon of regular gasoline, down a penny from the day before, and down 2.7 cents a gallon since last week’s average price of $1.991. Compared with this date last year, gasoline cost nearly 17 cents a gallon less, and the current price is the lowest since March of 2009.

The 2015 national average for the year was $2.402 per gallon, compared with the 2014 yearly average of $3.342 per gallon. In 2012 the national yearly average was $3.605 per gallon, the highest yearly average ever.

Average pump prices fell in all 50 states last week. The five states experiencing the largest drops are:

• Hawaii: down 75 cents and down more than $1.50 in the past two weeks
• Vermont: down 48 cents and down more than $1.00 in the past two weeks
• Alaska: down 47 cents and down more than $1.00 in the past two weeks
• New York: down 44 cents and down 94 cents in the past two weeks
• District of Columbia: down 44 cents and down about 90 cents in the past two weeks

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According to GasBuddy, the five states where gasoline is cheapest on Monday are:

• Missouri: $1.645
• Oklahoma: $1.663
• South Carolina: $1.708
• Arkansas: $1.711
• Alabama: $1.721

Gasoline is most expensive in five California metro areas: Los Angeles ($3.035), Orange County ($3.032), Ventura ($3.028), San Diego ($3.020) and Riverside ($3.005). The 16 cities with the most expensive gasoline are all in California, even though the statewide average fell by 1.3 cents.