Today's average price for regular unleaded gasoline - $ 3.18 per gallon - is the lowest since Feb. 22, 2011. The national average price at the pump is six cents cheaper than last week, 17 cents cheaper than one month ago and 26 cents less than the same date last year.
Less expensive gas prices are providing welcome relief to motorists in every state and Washington, D.C. State average prices are universally lower than one week ago, than one month ago and one year ago. Weekly declines have been most dramatic in the Midwest and Great Plains states, where gasoline demand remains weak and supplies remain comfortable, including prices that are more than a dime cheaper in five states: Minnesota (-11 cents), Michigan (-14 cents), Montana (-14 cents), Indiana (-14 cents), and Ohio (-16 cents).
While AAA does expect the national average price at the pump to continue to fall approaching the end of the year, and many motorists will enjoy local prices below $3 per gallon, the national average is unlikely to breach this threshold. The last time the national average registered less than $3 was Dec. 22, 2010. About one-in-four U.S. stations are selling gas for less than $3 per gallon today. Only about 10 percent of stations are selling gas for more than $3.50 per gallon.
After 15 straight weeks above $100 per barrel, the price of West Texas Intermediate crude oil has now settled below this mark for three straight weeks. WTI prices were up 54 cents Monday to settle at $94.62 per barrel at the close of formal trading on the NYMEX.