The national average price of a gallon of regular unleaded declined 4 cents to $2.84 and a level that has not been this low since early May, according to AAA.

“July gas prices have been on a roller coaster ride, but appear to be on a downward slope at the moment,” said Jeanette Casselano, AAA spokesperson. “If demand and supply stay consistent, prices have the potential to stabilize barring any major events geopolitical or natural disasters. The market is also following this up-and-down trend lately. Last week, crude prices dropped below $70 per barrel for the first time since June, but then returned above the price point to close out the week.”

Gasoline is now 2 cents cheaper than a month ago and 57 cents higher than a year ago. For the week, only Hawaii saw its average price increase (by 1 cent to $3.78) and Montana was the only state that remained unchanged ($2.93). The other 48 states saw declines of, in some cases double digits. In the past month, prices fell in New Mexico by 13 cents ($2.78) and Arizona by 12 cents ($2.94).

The cheapest gasoline can now be found in Alabama ($2.54), South Carolina ($2.54), Mississippi ($2.54), Arkansas ($2.58), Louisiana ($2.58), Oklahoma ($2.60), Virginia ($2.61), Tennessee ($2.61), Texas ($2.61), and Missouri ($2.61).

Meanwhile, the average price of a gallon of diesel fell 1.9 cents to $3.22 for the week, which is 71.3 cents higher than a year ago, according to the U.S. Energy Information Administration.

 

Source: Automotive Fleet

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