Gas prices might have just set a record for sitting north of $3 for more than 1,000 straight days, but consumers still have plenty to smile about. See, now that we’ve hit fall, gas prices have started falling — and that trend is expected to continue.
National gas prices have been sliding for more than three straight weeks, with the average price for a gallon of regular gasoline sitting at $3.45 as of yesterday, according to AAA’s Daily Fuel Gauge Report. That’s a dime or so cheaper than gas prices were a month ago.
Take a look at this map of gas prices across the country:
Of course, the general downtrend of gas prices is seasonal to some extent; summer is a big driving season, while travel (and thus demand) wanes as the weather cools. But gas prices are 35 cents cheaper year-over-year as well.
On top of that, gas prices are expected to drop another 20 t0 25 cents in the next few weeks.
According to USA Today, two factors outside of consumer demand are behind the drop in gas prices: record-high refining in the U.S. and slumping crude oil prices.
As usual, southern states near the Gulf sport the lowest prices, with South Carolina retaining the title of the cheapest state for gas. The current $3.12 price tag for a regular gallon is a 13-cent drop since our last state-by-state breakdown in late August.
Another steady trait of gas prices: Fuel in Hawaii, Alaska and California still costs consumers the most per gallon. Of the three, though, Hawaii is the only state with prices above the $4 mark.
Here’s a state-by-state breakdown of gas prices:
|New York||$3.773||Michigan||$3.531||North Carolina||$3.351|
|South Dakota||$3.569||Florida||$3.384||South Carolina||$3.123|
Alyssa Oursler is an Assistant Editor at InvestorPlace. Follow her on Twitter at @alyssaoursler.