The U.S. average price of gasoline of $3.03 per gallon continues its slide to levels last seen in December 2010, and Monday, more than one-half of the nation’s gas stations offer regular gasoline at prices below $3 per gallon. Meanwhile in Kansas, the average retail gasoline prices have risen 5.0 cents per gallon in the past week, averaging $2.96 Sunday, according to GasBuddy’s daily survey of 1,329 gas outlets in Kansas.
Including the change in gas prices in Kansas during the past week, prices yesterday were 16.3 cents per gallon lower than the same day one year ago and are 20.7 cents per gallon lower than a month ago. The national average has decreased 28.4 cents per gallon during the last month and stands 25.9 cents per gallon lower than this day one year ago.
The lowest prices in Kansas as of Monday were $2.69 and $2.70 in Salina. The highest were $3.59 in Coldwater and just off of I-70 in Hays (other places in Hays reported $2.84), and $3.39 in Plainville.
Prices in Great Bend hovered at $2.97. In other area communities, the pumps read $2.97 in Larned, $2.99 in Lyons, and $2.95 and $3.12 in Russell.
“You know, I wonder if gas stations will run out of 2s to use on their signs because they can’t remember where they put them all,” said GasBuddy.com senior petroleum analyst Patrick DeHaan. “It’s been a long time since we’ve seen this many stations nationally under $3/gallon- nearly four years.”
The best part is that Americans are saving a staggering amount of money- almost $110 million a day- versus what was being spent at the pump a year ago, he said. “We’re quickly approaching 70,000 gas stations in the U.S. selling under $3 versus around 7,500 stations one year ago.”
But while prices will continue declining in most areas across the country, there is some bad news for motorists in the nation’s midsection – mainly the Plains states. The issue may trickle over into a few neighboring states.
“There has been some supply tightness surrounding seasonal refinery work that’s causing wholesale prices in that region to rise,” DeHaan said. “hile the problem is temporary and may last a couple weeks, we want to inform motorists in that area that they may notice prices rising, but it is a short term problem, not a long term one.”
For motorists everywhere else, pump prices should continue to drift lower in the week ahead, DeHaan noted.
Nationally, GasBuddy reports that of more than 133,000 gas stations from which it gathers retail price data via crowd-sourcing, the tipping point in this year’s autumn price decline was reached over the weekend when the number of stations selling gas below $3 climbed to 50 percent of all retailers across the U.S. The last time 50 percent of the nation’s fuel retailers were priced below $3 was Dec. 28, 2010.
“It may seem difficult to believe but gasoline below $3 per gallon can now be found at stations in 47 states,” DeHaan said. “With multiple factors pushing retail prices lower in most parts of the country, we expect we’ll see the national average fall below $3/gal before Halloween.”
Today there are 19 states where the average price of gas is under $3 per gal. (See accompanying map for details.) The states with the lowest average prices are: South Carolina, $2.76; Tennessee, $2.78; Mississippi, $2.79; Texas, $2.81 and Virgina, $2.82. Unfortunately, the highest gas prices in the U.S. remain mostly in states with the highest combined federal, state and local taxes: Hawaii, $4.04; Arkansas, $3.71; New York, $3.39; California, $3.38; and Connecticut, $3.35.
The lowest priced metro area in the U.S. today is Chattanooga, Tenn., where the average today is $2.66. The lowest priced gas in the entire country is found at an Exxon in Memphis, Tenn., where the price is $2.39.
“Global crude prices continue to decline and West Texas Intermediate (WTI) has slipped below $80 per barrel,” said Gregg Laskoski, another GasBuddy senior petroleum analyst. “But, all good things come to an end. EPA mandates for ‘summer blend’ gas ensure that prices will climb back up in the new year.”
U.S. gas prices falling
However, increase seen in Kansas