Six states reported gas selling for $2 a gallon or less: South Carolina ($1.926), New Jersey ($1.965), Mississippi ($1.969), Alabama ($1.973), Louisiana ($1.982), Tennessee ($1.99) and Texas ($2.00). Last Monday, only two states sported gasoline prices below $2 a gallon.
The biggest declines came in the middle of the country: Indiana (down 20 cents), Ohio (18 cents), Michigan (14 cents), Oklahoma (13 cents) and Missouri (12 cents).
The analysts at GasBuddy explained what is happening:
Falling gasoline prices have been the name of the game after a brief hiatus. 49 of the nation’s 50 states saw gasoline prices falling an average of six cents a gallon during the last week, while the Midwest, previously hit with price spikes, saw among the biggest declines as some refiners returned from maintenance, easing supply concerns. … The gasoline price environment remains vastly improved versus a year ago: just 13.4% of nation’s gas stations are selling at over $2.50/gallon today, while a year ago, 100% of stations were over that mark. Nearly a quarter of the nation’s gasoline stations are currently selling under $2/gallon, and that number will likely grow in the months ahead as refiners continue to finish maintenance and resume producing gasoline at a time when demand is low, contributing downward pressure to gasoline prices.
As of Monday afternoon, GasBuddy’s continuously updating price ticker showed that the U.S. price had declined to an average of $2.249 for a gallon of regular gas.
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