Motorists- celebrate! It appears that the U.S. national average for a gallon of gasoline has peaked... for now. GasBuddy data shows that as of this morning, the average price has dropped to $3.644/gal. While the drop has barely started and will gain momentum, it's a drop from April 25, when prices averaged $3.657/gal, and far lower than 2013's price peak of $3.74/gal which occurred February 26, 2013.
"Finally, the news motorists have been waiting for- it appears that at least for now, the national average has peaked," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Since February 7, gasoline prices have been on an upward trajectory in a majority of the U.S., and at least for now, prices have broken that upward trend and have stabilized. This is great news, as it likely means in the next couple weeks that gasoline prices will begin seeing more downward momentum. By Memorial Day, if there aren't major refinery kinks that develop, we could see the national average dropping into the $3.50s, or perhaps even lower," DeHaan said.
Overall, GasBuddy contends that this summer will feature the lowest summertime average for gasoline prices in several years. This comes as oil inventories are at record highs and oil refineries are coming back online at near full production as maintenance season continues to slowly wind down.
Across the U.S., the cheapest gasoline can be found in Lubbock, Texas, where prices average just $3.30/gal. Prices in Albuquerque, NM average $3.33/gal, Tulsa, OK averages $3.34/gal, while prices in Armarillo, TX average $3.35/gal, and prices in Billings, MT average $3.37/gal. These are the cheapest five cities in the 50 states.
Meanwhile, high gasoline prices along the West Coast have continued to drop: prices in Santa Barbara, CA are down 4c/gal in the last week, San Fran has dropped 1c/gal, Ventura, CA dropped 2.5c/gal, Orange County, CA dropped 3c/gal, and Los Angeles dropped 3c/gal to $4.29/gal.