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National Average Gas price falls to lowest in 110 days


The national average for a gallon of gasoline has fallen for the fourth consecutive week, shedding 3.3 cents to stand at $2.41 per gallon, the lowest level in 110 days.

“As we approach Christmas, average gas prices in the U.S. have fallen to their lowest point in 110 days, just as Hurricane Harvey began causing prices to spike, not exactly the Christmas gift some hoped for but it’s about time nonetheless,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “As long as demand for gasoline continues to weaken, gasoline inventories will continue growing and it’ll be the gift that keeps on giving. In addition, the gap between prices today and a year ago is also at its narrowest in months, highlighting that prices are moving in the right direction for many. As we look towards our annual Fuel Outlook being released just after the New Year, there are some bright spots along with some concerns that lay ahead for 2018.”

Fueling the drop across 49 of the nation’s 50 states (Indiana was the lone exception) was data from the Energy Information Administration showing a third straight weekly rise in U.S. gasoline inventories. They rose 5.7 million barrels, a large increase as refinery utilization rates remained high at 93.4% of total capacity. Total gasoline production hit 10.1 million barrels per day while implied gasoline demand amounted to 9.1 million barrels per day. Oil inventories, however, plummeted 5.1 million barrels, likely as oil companies try to purge on-hand inventories before year-end accounting and taxes on inventories hit.

Average gasoline prices fell in all regions from East to West, including the Mid-Atlantic, Northeast, South, Southeast, Great Lakes, Midwest, Rockies and West Coast. Indiana was the lone state with prices advancing an average of 3.6 cents per gallon due to price cycling last week Tuesday. Since then, prices have begun falling again.

Across the country, the largest changes in average gas prices by state: Michigan (-8 cents), Ohio (-8 cents), Kentucky (-6 cents), Louisiana (-5 cents), Missouri (-5 cents), North Dakota (-5 cents), Delaware (-5 cents), Oregon (-4 cents), South Carolina (-4 cents) and Mississippi (-4 cents).

States with the lowest average gas prices: Missouri ($2.14), Mississippi ($2.16), Alabama ($2.16), South Carolina ($2.17), Arkansas ($2.17), Oklahoma ($2.18), Tennessee ($2.19), Texas ($2.20), Louisiana ($2.21) and Kansas ($2.23).

States with the highest average gas prices: Hawaii ($3.25), California ($3.13), Alaska ($3.12), Washington ($2.91), Oregon ($2.74), Pennsylvania ($2.71), Nevada ($2.71), Connecticut ($2.68), New York ($2.64) and Montana ($2.60).

GasBuddy is a company that connects drivers with their Perfect Pit Stop. As the leading source for crowdsourced, real-time fuel prices at more than 150,000 gas station convenience stores in the U.S., Canada and Australia, millions of drivers use the GasBuddy app and website every day to find gas station convenience stores based on fuel prices, location and ratings/reviews. GasBuddy’s first-of-its-kind fuel savings program, Pay with GasBuddy, has saved Americans more than $4.5 million at the pumps since its launch in 2017.

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