Gas Prices Continue Their Steep Decline
The price of gasoline is in full retreat, thanks to a decline in consumer demand and a big drop off in the cost of a barrel of oil. After peaking at $150 earlier this summer, oil prices have dropped below $90 a barrel and seem to be heading downward. For consumers, relief from high pump prices is finally being felt, with many stations selling gas for under $2.90 a gallon.
Alaska, Hawaii and North Carolina Have the Highest Gas Prices
Alaska and Hawaii remain the two most expensive states for gasoline, with prices now just beginning to drop below $4 per gallon. Last summer, stations in Hilo and Honolulu were selling regular gasoline for more than $5 per gallon, with diesel fuel selling for as high as $6 per gallon.
In the Lower 48, North Carolina now has the distinction of having the highest gas prices, thanks to a shortage brought about from Hurricane Ike. The southeast US gets its fuel from Texas and the pipeline supplying that region was shut down for a lengthly time following the September storm. Even today, as supplies are being restored, a number of independent stations across the state are still without gasoline. For those who do have a ready supply, the average price across the Tarheel State is $3.79 for a gallon of regular gasoline, but that level is expected to drop by fifty cents or more over the coming weeks.
Oklahoma City: Home of the Cheapest Gas Prices
According to GasBuddy.com, the cheapest gas in the nation can be found in Oklahoma City, where the average price for regular gasoline is about $2.80 a gallon. Quite a few stations are easily beating that average, selling gas for as low as $2.57 per gallon.
New York City, which has long held the distinction as having some of the highest gas prices in the nation, is seeing pump prices as low as $3.35 per gallon, which is below the national average of $3.48 recorded on October 6th according to the Energy Information Administration.
The Up and Down of Gas Prices
The volatility of gas prices means that consumers should be prepared to expect anything over the coming months. Prices could drop to $2 per gallon, but could quickly rebound if market conditions quickly shift. OPEC will be meeting soon to cut production and our summer driving habits mean that prices will go up as demand increases. Thus, $4 per gallon gasoline may now be a not too distant memory, one that can return in short order especially as consumption increases, supply drops, or both.
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