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AAA Fuel Gauge Report Overview By Avery Ash Director, Federal Relations Monday, November 10, 2014
Nov 10, 2014 | Fuel
The national average price of gas has dropped for 46 days in a row (a cumulative decline of 42 cents), which is the longest consecutive decline since 2008. Today’s national average for regular unleaded gasoline is $2.93 per gallon, which is the lowest price since Dec. 4, 2010. Motorists are paying a nickel less than one week ago, 29 cents less than one month ago and 26 cents less than one year ago.
The price at the pump has dropped 77 cents from the 2014 peak of $3.70 (April 28), which represents an estimated savings of more than $250 million each day for American motorists. A decrease in retail gasoline prices is often likened to a tax cut because it can inject billions of dollars in non-gasoline spending into the economy. Absent any unanticipated market-moving events this winter, the retail price for gasoline is expected to remain relatively low. As gasoline stations continue to adjust to falling oil prices in the global market, consumers are likely to experience the lowest Thanksgiving prices since 2009.
The average price at the pump is below the $3.00 per gallon threshold in more than half (27) of the states with consumers in South Carolina ($2.67), Tennessee ($2.70) and Mississippi ($2.71) paying the nation’s lowest prices. Although Hawaii ($3.99) continues post the highest average for retail gasoline, the state average fell below $4.00 per gallon for the first time since Jan. 9, 2014 on Saturday. Hawaii is followed by Alaska ($3.64), New York ($3.29) and Connecticut ($3.23) as the nation’s most expensive markets.
Locally, the price of a gallon of unleaded gas in South Jersey is $2.71. This represents a decrease of 4 cents from one week ago, 31 cents from one month ago ($3.02) and 37 cents from one year ago ($3.08)
Week-over-week the average price for gasoline is down in 47 states and Washington, D.C. Drivers in Oklahoma (-15 cents), Minnesota (-14 cents) and North Dakota (-12 cents) are experiencing the largest savings over this period with drivers in 29 states and Washington, D.C. saving a nickel or more per gallon. The only exceptions to this trend are in Michigan (+3 cents), Kentucky (+1 cent) and Indiana (fractions of a penny) where prices have increased over this same seven day period.
The average price for gasoline across the country reflects savings in both month-over-month and year-over year comparisons. Discounts are in the double-digits in every state and Washington, D.C. over the past 30 days, including 34 states and Washington, D.C. where prices are down by a quarter or more per gallon. The largest monthly savings at the pump are seen on the West Coast: Oregon (-47 cents), Washington (-44 cents) and California (-40 cents).
The year-over-year declines have been led by California (-40 cents), Maine (-39 cents), Delaware (-38 cents) and Alabama (-37 cents). The price at the pump is down by a dime or more in 43 states and D.C., and consumers in every state but Nebraska (-3 cents) are saving at least a nickel over this same period.
Fueling the welcome decline in gas prices has been the multi-month drop in crude oil costs with prices for West Texas Intermediate down to a multi-year low of $77.19 per barrel last Tuesday, which compares to a 2014-high of more than $107 per barrel on June 20. Adding momentum to falling prices last week was an unexpected move by Saudi Arabia, the world’s largest oil exporter, to lower the price per barrel for crude sold to the United States. Market watchers are now focused on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) with analysts paying close attention to how the cartel will respond to falling global prices. At the close of Friday’s formal trading on the NYMEX, WTI had recovered slightly to settle at $78.65 per barrel.