Pump prices expected to remain low through the fall season even as miles driven is at an all-time high.
The national average price of gas held steady the first week of August with the national average price for regular unleaded gas at $2.12 per gallon, the lowest for Aug. 8 since 2004 and 48 cents less than the same date last year.
According to a report by AAA, a surplus of gasoline has caused low gas prices across the country this summer. The U.S. Department of Energy last week reported the largest gasoline supply decline since April (3.3 million barrels), which has halted the downward slide in pump prices, at least temporarily.
Some 44% of gas stations nationwide are selling gasoline for $2 per gallon or less, and less than 1% are selling gasoline for more than $3 per gallon compared to 11% of stations one year ago, AAA noted.
AAA predicted pump prices should stay low into the fall season even as drivers are set to break an all-time record for total miles driven in a year, due to high gasoline supplies and low oil prices.
South Carolina ($1.81) and Alabama ($1.86) remain the most inexpensive states in which to purchase gas, while Hawaii ($2.73) and California ($2.66) continue to have the most expensive pump prices.