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Gas Prices Accelerate Their Decline

Nationwide average down to $2.15

November 14, 2008

Motorists have watched in wonder this month as gasoline prices have accelerated their pace of decline. Those hitting the road this weekend will find a nationwide average price of $2.152 a gallon for unleaded self-serve regular, according to AAA.

The average price has dropped more than 15 cents from last Friday and almost a dollar a gallon from one month ago, when the nationwide average was $3.125 a gallon. That price is almost equal to the average price of one year ago.

Once again, it was the sour economic outlook for the global economy and declining demand that provided consumers this respite at the pump. World oil prices have also continued to fall in the last week, falling through the $60 a barrel level this week before rallying a bit on Thursday.

Still, many oil analysts expect crude prices to keep falling despite anything OPEC tries to do to stop the downward spiral. That means consumers can expect prices not only to remain low, but perhaps keep falling before leveling out below $2 a gallon.

Missouri has the lowest average gasoline prices in the nation, at $1.864. Oklahoma is next with an average price of $1.922 with Kansas third at $1.953.

This week, these three states have plenty of company south of the $2 a gallon line. Six states - Arkansas, Indiana, Kentucky, Minnesota, Ohio and Texas – all have average prices below $2 a gallon.

Alaska and Hawaii are once again the most expensive states for gas, and remain the only two states with average prices over $3 a gallon. The average price in Alaska is $3.221 a gallon and $3.079 in Hawaii.

The average price of gasoline in California Friday is $2.438, with wide variations throughout the state. It's cheapest in Modesto, at $2.211 a gallon, and most expensive in San Francisco, at $2.554.

In New York, the average price Friday is $2.535, with the highest price at $2.667 in the Buffalo-Niagara Falls area and the cheapest price per gallon in the Syracuse area, at $2.371.

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