WASHINGTON, D.C. — The national average for a gallon of gas dropped four cents since last week to $3.40. However, the steady, if slow, decline may gain speed after recent drops in the price of oil. Parked in the mid-$80s per barrel a week ago, oil is now hovering around the mid-$70s. Since it is the main ingredient in gasoline, less expensive oil usually leads to falling gas prices.- Since last Thursday, these 10 states have seen the largest decreases in their averages: Montana (−17 cents), North Dakota (−15 cents), Colorado (−14 cents), South Dakota (−12 cents), Wyoming (−11 cents), Oklahoma (−11 cents), Arizona (−11 cents), Utah (−11 cents), New Mexico (−11 cents) and Kansas (−11 cents).
- The nation’s top 10 least-expensive markets: Texas ($2.86), Georgia ($2.88), Mississippi ($2.88), South Carolina ($2.95), Louisiana ($2.96), Alabama ($2.98), Arkansas ($2.98), Oklahoma ($2.98), Tennessee ($2.99) and Delaware ($3.02).
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $2.04 to settle at $75.33. Oil prices fell this week due to a stronger dollar and reduced market concerns that the conflict in the Middle East will escalate, which could lead to a reduction in regional oil production and higher prices.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
