Gas prices fell for the 49th day in a row on Thursday, pushing the national average for a gallon of regular unleaded to $2.92 in what has become the longest consecutive decline since 2008, when the economic recession curtailed driving and demand for gasoline. The average price for regular unleaded is 42 cents lower than on Sept. 25, when the seven-week decline began, according to the AAA Daily Fuel Gauge Report.
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At that time, the lowest statewide average price was $3.10, in South Carolina and Tennessee. Today, South Carolina has the lowest statewide average at $2.67, and 28 other states average less than $3. The average is less than $2.75 in seven states. AAA likened the drop in pump prices to a tax cut because it gives motorists billions of dollars to spend on other things. The travel-services giant said major indicators such as oil prices and an ample supply point to continued low prices for the near future.
U.S. oil was trading near a 52-week low of $76 a barrel early Thursday. The 52-week high for U.S. oil of $103.66 was set June 25. The U.S. Energy Information Administration says that as a general guideline every $1-a-barrel change in the price of crude oil translates into a change of about 2.4 cents a gallon at the pump.
"Absent any unanticipated market-moving events this winter, the retail price for gasoline is expected to remain relatively low," AAA said in a news release. "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."
Though pump prices continue to fall in most parts of the country, the rate of decline has slowed in recent weeks. The average for regular unleaded fell 4 cents the past week and 6 cents the previous week after plunging 33 cents during October. The average price for diesel fuel, which had been falling along with gasoline, rose 4 cents the past week to $3.64. That's 18 cents lower than a year ago. The national average for regular unleaded is 27 cents cheaper than a year ago. Premium gas is 23 cents cheaper, at $3.31 a gallon.
During the 7-week dip in gas prices, West Coast states have experienced the biggest savings. The statewide average has fallen 52 cents in California, 63 cents in Washington and 67 cents in Oregon. Hawaii, the last state to average more than $4 for a gallon of regular unleaded, slipped below that threshold on Saturday for the first time since early-January. Hawaii's average was $3.97 on Thursday, and Alaska's was next highest at $3.62. New York was next in line at $3.28.
AAA graphic
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