Energy

Gasoline Prices Are Still Dropping

Gasoline prices have moved back almost to where they were a year ago. That means the drag of fuel prices on the economy becomes increasingly less likely.

Only a few months ago, the nationwide price for a gallon of regular on average approached $4. The AAA Fuel Gauge puts that price at $3.379 now, down from $3.409 a week ago and $3.463 a month ago.

Even more important is the drop in the price of gas in the most populated states. With the exception of Hawaii, which has to ship in gas from hundreds of miles away, not a single state has regular gas prices that on average are above $4. In California, where prices were above $4 for some time, it has fallen to $3.678. And in New York the price has dropped to $3.846.

In some places, the price has moved close to $3, perhaps because they are near to or house refineries. Gas prices are down to $3.148 in South Carolina, $3.139 in Texas and $3.158 in Oklahoma. Oil has fallen below $88 a barrel, and the trend continues downward, which means the drop in gas prices is not over.

Douglas A. McIntyre

Want to Retire Early? Start Here (Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.