Fuel prices are currently down more than 50 cents from this time last year.
The national average price of gasoline has fallen daily for the past four days, continuing the downward trend that was seen prior to the relatively steady gasoline prices of last week, when fuel prices dropped for 54 of 55 days.
According to the latest fuel report from AAA, the current national average for unleaded fuel is $2.12 per gallon, which is the lowest price for this date since 2004, and it is nine cents lower than one month ago. Additionally, the current average is 54 cents lower than the same date last year. However, not everyone is saving at the pump this week, as prices in some states have fallen over the past week, while others have jumped.
Data from the Department of Energy has shown that Midwestern fuel supplies have fallen for the past three weeks, but, despite the decline, which has resulted in a new low for 2016, AAA has reported that stocks in the Midwest are still nearly 10% higher than last year. It is this excess in supply that has led to motorists experiencing the lowest pump prices in more than a decade. AAA expects national gasoline supplies to end August at their highest levels on record.
As of Aug. 14, 2016, approximately 41% of the nation’s gas stations were selling regular unleaded gasoline for $2 per gallon or less, while only 8% of gas stations nationwide were selling furl for more than $2.50. As gasoline supply remains high and oil prices remain relatively low, prices are likely to remain low at the pump for the remainder of the summer driving season, according to AAA.
The country’s lowest fuel prices are being recorded in South Carolina ($1.82) and Alabama ($1.83), but there are currently twelve states that have average fuel prices below $2 per gallon. Conversely, the nation’s highest fuel prices are being recorded in Hawaii ($2.70) and California ($2.62).
