Cheap Gas Prices: Cost of Fuel Drops Significantly; Trend Expected to Continue in Winter Months
Gas prices hit their lowest levels since February, dropping almost 9 cents in the last two weeks through Friday Sept. 19. The average price per gallon in the U.S. for a gallon of gas is $3.3741, according to Lundberg Survey Inc.
A year ago, prices were about 15 cents higher according to the survey conducted. Lundberg uses data from approximately 2,500 stations across the U.S.
Lundberg president Trilby Lundberg said in a phone interview that prices could fall a few more cents.
"In this period, oil prices did migrate a little further South," Lundberg said. "Plus, U.S. refiners slashed their wholesale gasoline prices and were aided in this by lower cost winter blend formulations affecting most of the country and a crash in ethanol prices."
Pricey gas can still be found in California and New York. In San Francisco, California a price of $3.79 per gallon was found. In Los Angeles, $3.70 was found. Long Island, New York, is seeing a price of $3.58.
Cheap gas is plentiful in Jackson, Mississippi where the price per gallon averaged only $3.03.
Autumn began Monday evening across the U.S. and as the temperature begins to drop in most of the nation, so will gas prices. In the winter, gas companies switch over to their less expensive blend of gasoline, creating cheaper prices.
"Demand is down; crude oil is down. Supplies are good, we're using cheaper-to-produce winter blends, and barring any unforeseen circumstances, we expect prices to inch downward some more," AAA South Dakota spokeswoman Marilyn Buskohl said.
WALB News in Albany, Georgia reports that analysts are predicting more than 30 states will see average prices of gas fall below $3 per gallon, the lowest in four years.
Gasbuddy.com offers a gas price heat map that reportedly shows the best (and worst) prices for gas around the nation. The west coast has the highest prices, while Texas and the middle south has the lowest prices. Gasbuddy.com reports the cheapest city to currently buy gas in the U.S. is Spartanburg, South Carolina, where you can buy a gallon of regular gas for about $3.02.
How much are you paying for a gallon of gas where you live? Leave us a comment and let us know.
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