Gas Drops Below $3 in 25 of 50 States

By Douglas A. McIntyre Published Nov 12, 6:27AM EST

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Gasoline may have fallen to $2.923 for an average gallon of regular nationwide, down from $3.219, but a better measure of how far the price has fallen is that it has dropped below $3 in 25 of the 50 states. If many economists are correct, the plunge should help boost gross domestic product just as the holidays begin and consumers flock to stores and malls. There is expected to be a 4.1% increase in revenue across the industry, according to the National Retail Federation. Consumers, in theory, have more discretionary income as gas prices fall.

According to GasBuddy, the 25 states are:

South Carolina $2.668
Tennessee 2.695
Mississippi 2.706
Texas 2.728
Virginia 2.728
Missouri 2.748
Alabama 2.750
New Jersey 2.762
Louisiana 2.766
Arkansas 2.774
New Mexico 2.782
Oklahoma 2.818
Georgia 2.836
Arizona 2.844
North Carolina 2.851
Delaware 2.853
Kansas 2.855
Indiana 2.891
Minnesota 2.899
Florida 2.905
Maryland 2.912
Kentucky 2.918
Ohio 2.943
New Hampshire 2.958
Wisconsin 2.965

In New York, where the average price of a gallon of regular is $3.286, the holidays may not come at all.

The drop in gas prices may well begin to level off. GasBuddy said:

Another week, another decline: the national average posted another drop in the last week, according to GasBuddy data, giving up 5.1c/gal, falling to $2.916/gallon this morning.

“Another week, another big decline in the national average,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “But we’re nearing the point where the decreases are likely to slow unless oil prices continue to tumble from their current levels.”

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.