The 12 States That Now Have Gas Under $2

By Douglas A. McIntyre Updated Jan 13, 4:30AM EST · Published Aug 18, 10:25AM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The 12 States That Now Have Gas Under $2 — © Thinkstock

As oil has seesawed, making gasoline prices hard to predict, several organizations, led by the U.S. Energy Information Administration (EIA), expect the price for a gallon of regular to average little more than $2 this year. In 12 states, the prices already have breached that level on the way down.

According to the EIA:

U.S. regular gasoline retail prices this summer (April through September) are forecast to average $2.19/gallon (gal), 6 cents/gal lower than forecast in last month’s STEO and 44 cents/gal lower than last summer. U.S. regular gasoline retail prices are forecast to average $2.06/gal in 2016 and $2.26/gal in 2017.

As the summer ends, so will the high demand for gas for holiday travel, particularly after Labor Day, less than two weeks away.

[nativounit]

The current price of oil slightly favors lower gas prices. After a 52-week high of $54.91 a barrel, crude has dropped back to $47. A deal between Saudi Arabia and OPEC seems far off. Nigerian oil production should increase as it puts down rebel activity that has severed some pipelines. Venezuela has to pump as much as its can, even if the exports give it only modest help.

Most of the states with oil below $2 are near the Gulf of Mexico or refinery rich South Carolina. They are Alabama ($1.868), Mississippi ($1.905), New Jersey ($1.911), Virginia ($1.911), Tennessee ($1.916), Arkansas ($1.949), Louisiana ($1.962), Delaware ($1.963), Texas ($1.974), North Carolina ($1.991), Oklahoma ($1.992) and Missouri ($1.999).

[wallst_email_signup]

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.