Gas Prices: AAA’s Fuel Gauge Report | November 11, 2013
(WASHINGTON, November 11, 2013) Today’s average price for regular unleaded gasoline — $3.19 per gallon — is the lowest since February 22, 2011. The national average price at the pump is seven cents cheaper than one week ago, 16 cents cheaper than one month ago and 25 cents less than the same date last year. Prices have dropped 41 cents since September 1 and have fallen on 64 of 71 days during this span.
Less expensive gas prices are providing welcome relief to motorists in every state and Washington, D.C. State average prices are universally lower than one week ago, than one month ago and one year ago. Weekly declines have been most dramatic in the Midwest and Great Plains states, where gasoline demand remains weak and supplies remain comfortable, including prices that are at least ten cents cheaper in five states: Minn. -12 cents, Mich. -14 cents, Mont. -14 cents, Ind. -15 cents, and Ohio -17 cents.
Not surprisingly, many of these same states are also among those experiencing the largest month-over-month declines. Nine states have seen prices drop by at least a quarter during this span, including Montana where drivers are paying a whopping 42 cents less than they were a month ago. As prices nationwide continue to slide, a growing list of states has fallen below the psychologically significant $3 per gallon threshold. As of today, this includes six states — La. $2.99, Kan. $2.95, Texas $2.95, Ark. $2.93, Okla. $2.93, and Mo. $2.82 — however another ten states are within a dime of this mark.
While AAA does expect the national average price at the pump to continue to fall approaching the end of the year, and many motorists will enjoy local prices below $3 per gallon, the national average is unlikely to breach this threshold. The last time the national average registered less than $3 was December 22, 2010. About one-in-four U.S. stations are selling gas for less than $3.00 per gallon today. Only about 10 percent of stations are selling gas for more than $3.50 per gallon.
As discussed in recent AAA Fuel Gauge Reports, elevated crude oil prices have established an effective floor for how low pump prices could fall for consumers. However, after 15 straight weeks above $100 per barrel, the price of West Texas Intermediate (WTI) crude oil has now settled below this mark for three straight weeks, including a five-month low of $93.37 per barrel last Tuesday. WTI prices returned slightly higher over the second half of last week, and were up another 54 cents today to settle at $94.62 per barrel at the close of formal trading on the NYMEX.