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Gas prices finally drop -- a tiny bit

Prices rose every day for the previous 27 days, and they're likely to start climbing again.

By Karen Datko Mar 6, 2012 7:25PM

This is one streak we're glad to see come to an end: After 27 days of going nowhere but up, gas prices have dropped by an itsy-bitsy 0.3 of a cent.

 

The national average price for regular gas is now $3.764, according to AAA. The average a month ago was $3.478. A year ago it was $3.509.

 

Here's where you'll find the highest average gas prices around the United States. We've included diesel for a quick comparison:

 

Gasoline

Diesel

Hawaii

$4.377

$4.886

California

$4.346

$4.498

Alaska

$4.179

$4.457

Connecticut

$3.997

$4.372

New York

$3.992

$4.380

Oregon

$3.956

$4.345

Illinois

$3.943

$4.041

Washington

$3.939

$4.387

Michigan

$3.914

$3.981

Washington, D.C.

$3.886

$4.212

 

One day does not a trend make, and the experts say we can expect to see gas prices march upward into unprecedented territory. The Associated Press says, "The Oil Price Information Service predicts the nationwide average could peak at $4.25 per gallon in late April, beating the record high of $4.11 per gallon set in July 2008." (Post continues below.)

Today's slight decline wasn't universal. California's average went up 0.3 of a cent, to $4.346 a gallon, the Los Angeles Times said.

 

And there's not even a whiff of good news for owners of diesel pickups. The price of diesel went up 0.1 of a cent, to a national average of $4.084.

 

There are, however, states where the average price of gasoline isn't yet close to the $4 mark. The states with the lowest gas prices, according to AAA:

 

 

Gasoline

Diesel

Wyoming

$3.227

$3.938

Colorado

$3.255

$3.828

Montana

$3.344

$4.041

Utah

$3.475

$4.064

Idaho

$3.496

$4.171

Missouri

$3.535

$3.868

Oklahoma

$3.555

$3.879

South Carolina

$3.562

$3.940

Arkansas

$3.574

$3.957

Mississippi

$3.588

$3.946

New Mexico

$3.588

$4.079

Minnesota

$3.588

$4.030

 

Motorists have responded to the rising price of gas by driving less. Gas consumption last week was 6.3% lower than it was a year ago, according to MasterCard SpendingPulse.

 

Why are gas prices heading to the stratosphere? The L.A. Times summed it up well:

The reasons for the high fuel costs are many and too numerous to mention in every article. They include the high price of oil, which accounts for 80% of the cost of gasoline. Refinery shutdowns have also affected fuel supplies, as have a record number of U.S. exports of fuel distillates such as diesel.
Investment speculators, hedge funds and other are also driving up the price of commodities futures with billions of dollars in long-term bets that the cost of gasoline and oil will continue to rise.

More on MSN Money:

71Comments
Mar 6, 2012 9:41PM
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Take Gasoline, fuel oil, and crude oil off the commodities market and stop the "futures traders" from bidding the prices up. Then you will see the prices come down to reasonable amounts..
Mar 6, 2012 9:35PM
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what a misleading headline---up 27 days in a row ---so high its disgusting and you think a penny means ANYTHING? com on
Mar 6, 2012 9:53PM
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I am so sick of paying these gas prices, we are now a one income family and it has hit us really hard. No jobs to find but also who can afford the gas to go look. Where is all this oil I hear we are storing and sending to other countries. Something has to change and quick... It's not just gas it's everything else also.. Heads need to roll......
Mar 6, 2012 9:38PM
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Give me a break!  Down 0.3 cents?!  Headline... gas prices finally drop.  This is just further evidence that the lame stream media will bend over backwards to help Oblunder out.  He said he didn't mind high gas prices.  Secretary of Energy Chu says he had no plan to attack high gas prices and also said that he wants us to pay European rates...that $9-$10 per gallon!  Where are those headlines? Shameful!!
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Thank you Obama nothing like hope and change!
When you came into office gas prices were $2.60 a gallon and you managed to bubble that in 3 years! Hope and Change hard at work for the American people!
Mar 6, 2012 10:34PM
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mark my word, over the latter part of the summer, gas prices will fall. why? because it is an election year and nobody in washington wants to loose their job.  don't expect it to stay that way though, in december it will be back to the same old routine.  if only our elected officials could run the country for their full term as they can just prior to election time!
Mar 6, 2012 11:16PM
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Grumpy Old is right.

Stop speculation on the oil market and things will calm down.  But then Goldman sachs would not make as much money.  Sorry to say all this is part of the grand scheme to take most of what you have and leave US broken.
Mar 6, 2012 10:33PM
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Finally, gas prices drop, I'll be damned if I see it!!!!
Mar 6, 2012 11:55PM
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I live in OILDALE,CA. I am surrounded by OILFIELDS.  We have the WORST AIR in the NATION. The reason why, were surrounded by dirt and OILFIELDS. Our gas is 423 a GALLON. Its cheaper in Wasinton D.C. I bet they have ALOT of oilfields there. Did I mention we have a refinery. Talk about being RIPPED OFF.
Mar 6, 2012 11:08PM
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What good is it when we have enough of our own oil to leave it in the ground and buy it from other countries. KNOWN reserves tells us we have a 100 year supply and if the allow us to look in areas closed off we might have a 200 year supply. If you open up more drilling then the futures market will drop, just like natural gas has in the last few years. Bring OUR oil on line reduces our trade deficits, which keeps our money here-it brings income into the government by royalties/payroll taxes and creates high paying jobs that will increase the wealth of this nation. You can have government create jobs by digging ditches but creates no wealth-kind of like stimulating the economy with unemployment benefits-Folks quit buying the lies that a strong economy is built on unemployment benefits-Pelosi should have been laughed off the stage with that comment-We will be using oil for a long time and we have our own to use-it is foolish not to use our oil/gas/coal. Why risk the oil supplies be cut off when we do not have our own wells producing
Mar 7, 2012 12:05AM
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What people should be asking is where are the oil companies exporting the excess oil to?

We have no shortage and demand in the US has dropped due to more nigher mileage cars being sold. So are the oil companies letting out just enough to match demand and keep the price up here? THe law of supply and demand no longer applies. Gas should be way down but its not going down, maybe all the cutting back and buying high mileage cars aren't really doing anything but giving Haji, Apoo or Takimoto more gas from the USA. All the while the oil companies get tax payer subsidies. Sounds pretty $hitty to me and people need to be looking at the oil companies.

Mar 6, 2012 11:39PM
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gas prices increase by .50cents a gallon and when they decrease by .20cents after the increase a gallon we figure ahh we got a bargain now. how easy we are manipulated by the government.where are the smart people of this country? how long do the people of the united states allow this to happen. we are now producing oil in our own country but selling it to other counties for a profit. why sell it for $4.00dollars a gallon when you you can sell it for $9.00a gallon elsewhere and deprive the american people of their own product. just because the people in washington screwded our economy from the get."unbelieveable".​ wake up america." a true patriot".

 

 

 

 

 

Mar 6, 2012 10:17PM
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so why isn`t anyone putting effort into the theory that internal cumbustion engines actually run on vapor not a liquid. seems someone did this way back when and the idea got sequestered somehow. cars can get 100 miles or better if the makers would invent a vapor vacuum system. but lets face it, if this idea became reality it would cripple the world economy.
Mar 6, 2012 11:42PM
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What a joke, this is news.  Gas is down .03 to .05 and this is a big deal.  Gas in my area has gone up 45cents since Jan.
Mar 6, 2012 11:38PM
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they can raise it all they want, save your money for gas, food and dont buy anything else then watch as the world crumbles. a 3 cent drop aint ****. we need 99 cent gas. thats all it should cost.
Mar 7, 2012 1:21AM
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Sure as hell isnt here in Texas, this is bs, ive studied economics and logistics and im sorry but they could make it 1.99 a gallon and still make a huge profit, so what if there are restrictions and a "war", there is plenty to sustain us in our life time to keep it cheap and by then they should come up with a better solution then fossil fuels
Mar 6, 2012 9:57PM
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And the yahoos that control US and Word prices want you to approve a pipeline across the US to ship more North American Oil overseas. It goes to the world market and raises the cost to US consumers. Keep drinking the Kool aid. 
Mar 6, 2012 10:55PM
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For all of you folks who kiss Obama's butt and blame it all on everything else, why don't you google some YouTube video of Obama stating months ago that he had hoped gas prices WOULD go up, but just not so fast.  He wanted prices to go up, in hopes that he could force people into buying electric or hybrid cars.

But don't take my word for it....do your own homework and do your own search.

Now he blames the prices on the problems in the Middle East.  Thank God he's got you idiots, who hang onto and believe his every word.

So.....Obama lovers.....how does that help me when I go fill up my Jeep Liberty in the morning?

Mar 6, 2012 10:09PM
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I wonder where they are getting there info? IL is $3.99 at the cheapest place, way over 4 bucks in the city!!!

 

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    Number one does anyone ask the question who are these experts and who are AAA to be the mediator of regulation amonst the spectulator (I.E. The Investors).

   Ponsy Sceme.

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