Motorists have many reasons to cheer: crude oil has fallen 11 out of the last 12 trading sessions and gasoline prices are quickly following with the national average down 4c/gal just in the last week.
Gasoline prices in nearly every state will see sizable declines, with some of the largest due to hit California, where average prices are likely to slide under $4/gal in the next week or two. Oregon and Washington state will see similar declines as refinery issues are no longer plaguing the region.
Prices are dropping the fastest in Indiana, where prices are down 2.2c/gal today alone (so far!) Similar drops appearing in Michigan- down 2.1c/gal. Nebraska is down 2.1c/gal, Oklahoma is down 1.9c/gal, Delaware down 1.6c/gal.
But motorists need to BEWARE: as wholesale prices drop, some stations are dropping more slowly than others- motorists should make sure they are shopping around for their gasoline using GasBuddy's app. Indeed, the difference between the 5% of highest prices and lowest 5% prices in the nation has widened to 95.8c/gal. Last week, it was 94.4c/gal.
Today, the most common price across the U.S. fell to $3.499- it was $3.599 yesterday and all of last week. just 8.3% of gas stations are charging over $4/gal, while 1.3% of stations are under $3.25/gal. A week ago, just 0.5% of stations were under $3.25/gal, so stations are indeed dropping their price.
Indeed in the days ahead isolated stations in the U.S. South could also see $2.99/gal or less- do not expect them to be widespread, but do expect to hear it played in the media.
Stay tuned motorists, we're expecting the national average to fall into the $3.50s by next week, and perhaps the $3.40s two weeks from now!