Another week, another drop in gasoline prices across much of the United States and into Canada as well. The U.S. national average fell close to a nickle per gallon while prices in Canadian fell a more significant 3c/L. With the recent drops in prices, year on year prices in the U.S. stand over 30c/gal lower than 2012, while in Canada prices are 5c/L less than last year.
Stations in eight states now boast at least one gas station priced under $3/gal, and more states will likely join that number in the week ahead as retail gasoline prices continue to lose ground. As of this writing, spot gasoline prices were lower across the country again, which points to further attrition at gasoline pumps across the country.
California is likely to see prices fall precipitously this week as refiners get their act together after several issues a few weeks ago have likely now been addressed. Prices there have recently fallen back under $4/gal average and could be as low as the $3.70s by Halloween. Hawaii remains the lone renegade with prices over $4/gal, as is seemingly the norm.
Several cities across the U.S. are closing in on the $3/gal barrier, with several cities in South Carolina just 6-10c/gal away from seeing average prices fall under $3.
I expect prices across the U.S. and Canada will continue to decline in the week ahead, so don't be too anxious to fill up that tank completely.