Gasoline Prices Hit 3-Month Low, Fall Below $3.50 in 13 States

The state with the lowest price is South Carolina, where a gallon of gas cost $3.337 today. Other states with gasoline prices below $3.50 a gallon include Alabama, Arkansas, Iowa, Kansas, Louisiana, Missouri, Mississippi, Ohio, Oklahoma, Tennessee, Texas, and Virginia.

Hawaii has the highest price, $4.34 a gallon, followed by Alaska at $4.195, and California at $4.101. Those are the only three states where a gallon of regular gasoline costs more than $4.

Prices should continue to slip lower as gasoline supplies remain high and crude oil prices continue to inch down. There has been little appetite for oil or gasoline futures for some months now, and the current trend toward lower prices now may be working in favor of pushing near-term prices down below already low futures prices. Barring any major shock to supply such as a major storm in the Gulf of Mexico or new violence and disruption in the Middle East, gasoline prices may be on a slide that will continue for through the summer.

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