Gas prices are tumbling nationwide
Factors include weak demand, overall economic woes and a drop in crude oil prices
At about the same time of year that gas prices peaked in 2011 and 2012, the price at the pump is on the decline now, according to the latest AAA Fuel Gauge Report.
The national average for a gallon of unleaded regular gasoline of $3.53, down seven cents from the week before. Gas prices have fallen 16 cents in a month and 38 cents from a year ago.
Gas prices peaked this year on Feb. 27 at $3.79 and have declined all but six days since, according to AAA. The price in 2012 topped off at $3.94 a gallon, in April, and at $3.98 in May of 2011.
Prices have fallen most dramatically in Ohio and Indiana, where motorists have seen drops of at least 30 cents a gallon over the past month. Prices have fallen at least 10 cents a gallon over the past month in 40 states, AAA's survey showed.
Prices have been declining because of weak demand, overall economic woes and a drop in crude oil prices, AAA said.
Meanwhile, while the decline is good news for motorists who have gotten used to seeing high totals at the pumps, consumers in several states are still seeing prices quite a bit higher than the average.The costliest places to buy gas in the U.S. are and the average price of a gallon of unleaded regular are:
- Hawaii ($4.39)
- Alaska ($3.99)
- California ($3.98)
- Washington, D.C. ($3.88)
- New York ($3.79)
- Indiana ($3.42, down 18 cents)
- Ohio ($3.38, down 16 cents)
- Michigan ($3.51, down 13 cents)
- Kentucky ($3.43, down 10 cents)
- Illinois ($3.68, down 10 cents)
Drivers in Missouri and Oklahoma, where prices dropped by 8 cents in the past week, are paying less than $3.35 a gallon, according to AAA.
The website GasBuddy.com, which tries to help consumers find the cheapest gas by location, says motorists are seeing the lowest prices in South Carolina, Oklahoma and Tennessee -- all of which have an average of below $3.30 a gallon. The cheapest place to buy gas in the U.S. right now: the Greenville-Spartanburg area in South Carolina, where the average is between $3.19 and $3.20 a gallon.
If you're planning a long car trip, you can use AAA's Fuel Cost Calculator to help determine how much you might spend on gas.
Consider changing some of your driving habits to save some more money at the pump. Driving more efficiently can help improve gas mileage -- in some cases up to 30%. The U.S. Environmental Protection Agency recommends avoiding rapid acceleration and stopping, adhering to the speed limit, removing excess weight from the vehicle, avoiding idling, using cruise control, and using overdrive gears.
More from MSN Money:
- Prepaid cards fraught with fees
- Car repair costs on the rise
- Do you keep track of your points?
- Goodnighties told to tone down claims
- How to fix your biggest money worries
And did you notice like you say if the price slips a little like 14 cents in 2 weeks it is tumbling however if
it goes up 14 cents it is edging up? Or even more preposterous, it is holding steady.
Would someone let Nevada know? The prices aren't falling here.
Think about the Koch brothers who own most of the refineries. Why do you think they can afford millions to buy their politicians .
Nationwide averages of pump price against oil price -- early 2011 ppb 93 = average U.S. pump price at 2.73. February 2012, ppb 100, pump price 3.48. But wait, you say, we're 7 dollars lower ppb and the "tumble" in pump price still has nationwide averages above 3.48???
There is an undeniable ratcheting effect viewing historical data. It is the biggest drag on a 'recovery' there is. It is a central reason for the advent of the second great depression. No other commodity has the market behavior between ppb crude and pump price gasoline. Historical price data charts show even an inverse move in some periods. There is no market. There is only manipulation.
Why the denial?
there is no one in the government that understands what the high cost of fuel do to folks like myself the news media doesn't` have a clue either. the effect that it has on people in my wage classification is never considered by the media or the political element. everything that is delivered is done by fuel so if prices go up on oil then they will go up in the stores and they will never go down again. there is not one of the media or of the political element that would trade me or anyone in my place for six months and pay my bills and utilities costs that would in a heartbeat see how the high cost of fuel effects us. i hear all of things that the political element says. but nothing about controlling the raising cost of fuel. the oil people are only interested in getting billions of dollars more for the feathering of there own nest the c.e.os are only concerned about there millions they make in salary. they cannot spend all thy make and none of these people including the political element care about any of us who try to just get by. this thing about gas prices falling has not happened here in southeast Idaho there is no reason whatsoever that prices should be over $2.00 a gallon it is nothing but greed.
Not in the Metro-detroit area. another 25 cent jump to $3.69 overnight. WTF!
There are many stupid reasons...but, like the other guy before me said, "TAKE A GOOD LOOK AT THE * KOCH * BROTHERS"... AND THEIR INVOLVEMENT IN "BUYING THE FEDERAL GOVERNMENT" !! ** TOTALLY SHOCKING **...LOOK 'EM UP...YOU'LL BE OUTRAGED. IT'S TOTALLY UNBELIEVABLE...BUT **TRUE** !
What do you expect for the week of Tax Returns? I just sent in 664 dollars last week to Bullmerica after paying all year long. I hae left my car parked most of this week. No need to work if Bullymerica gonna take it. Leave the car parked. Saves on gas. May sell one car. That would save on gas and insurance. If most are like me, there will be less driving this week. CONgress made the IRS take my vacation money. So, I won't have to go anywhere now. I can stay home and watch the "ask your doctor" ads and the "we kin gitche de moni ye deserve"....don't you think that pore man bout to cry?
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Are you being stalked behind the wheel? Here's how to tell and what you can do about it.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'