Gas prices falling? Well, according to GasBuddy data, the national average has dropped 2.7 cents per gallon in the last week, falling to $3.65 per gallon as of midnight. Prices may remain virtually unchanged this week as crude oil has dropped from its peak several days ago, and bullish factors ebb- for now.
South Carolina continues to lead the nation with the lowest gasoline prices- with some stations selling gasoline this morning for $3.06 per gallon. That's slightly lower than where prices were a week ago. On the flip side, Conneticut residents are paying the highest price in the lower 48, shelling out an average of $4 per gallon. But even in Connecticut, gasoline prices have dropped- even if it's a measly penny per gallon in the last week.
Crude prices have dropped over $3 per barrel since hitting $108 on July 19, and currently are holding around $105 per barrel. Prices may have plateaued for the time being, with the continued wild card being (drum roll please!) the tropics. We're keeping our eye on warm waters for major storms, but so far this year, it's been quiet.
This week will likely bring some sort of price increase to the Great Lakes states, as it has been over a week since prices last rose there, and with the patterns that exist in Michigan, Indiana, Ohio, Illinois, and Wisconsin, we're expecting that a price hike could happen unless oil and wholesale gasoline prices make a drastic move lower.
Through the rest of the country, we aren't seeing significant movements, and at least for now, markets have seemingly taken a bit of a break after the recent rally. We'll be sure to update you should the situation warrant if a new upward trend in gas prices seems inevitable. Happy Monday!