Current Gasoline Prices are closer to Year Ago Levels

Current gasoline prices have almost returned to the same level as last year. That implies that the negative effect of high fuel prices on the economy is becoming less and less likely.

Only several months back, regular gasoline at the national level was averaging almost $4 per gallon. But, that has continuously lowered to reach a current gasoline price average of $3.379 per gallon based, on the Fuel Gauge report of the AAA. That level is lower compared to last week’s average of $3.409 per gallon as well as last month’s average of $3.463 per gallon.

More importantly, average gasoline prices today in highly populated states have also dropped. With Hawaii as an exception, the state which needs have gasoline shipped in from very far locations, other states in the U.S. are seeing their gasoline prices averaging lower than $4 per gallon.

In California, where gasoline has been very expensive for quite a time as it averaged more than $4 per gallon, the state’s current gasoline price average now stands at $3.678 per gallon. New York, another state that suffered a great deal with high prices at the pump, is presently feeling a slight relief, with an average gasoline price of $3.846 per gallon.

In several regions of the U.S., the average gasoline price today is close to $3 per gallon. These states include South Carolina, Texas and Oklahoma with prices at $3.148, $3.139 and $3.158, respectively. The cheaper prices of gasoline in these areas may be attributed to the fact that they are closer to refineries.

The current oil price is lower than $88 per barrel and its downward trend continues. Consequently, that may mean that the fall in the gasoline prices is not yet over.