As the summer driving season fades into the sunset, so too are gasoline prices continuing to fade. The national average has declined about 3c/gal in the last week, and stands at $3.44/gal, the lowest since the end of February, and 9c/gal lower than last year.
Gasoline spot prices, which are determined by open trading on markets, have begun the week by sinking several cents per gallon, a sign that perhaps even lower gasoline prices are soon to come. Indeed, much more downward pressure will hit gasoline prices soon- the end of the driving season comes after Labor Day in the form of lower gasoline demand. Then another whammy to push gas prices down will be the switch back to cheaper winter gasoline that begins September 16, the day after EPA seasonal gasoline requirements are eased.
43 out of 50 states saw average prices decline in the last week, with several Great Lakes witnessing the largest declines. Ohio dropped 12.3c/gal in the last week, Michigan saw a 10.6c/gal decline, Indiana saw a 9.8c/gal decline. Rounding out the top five largest declines: New Jersey, who dropped 4.9c/gal, and Pennsylvania, who saw a 4.5c/gal drop. Many states in the Northeast also saw similar declines: Vermont, Maine, New York, New Hampshire, and Rhode Island all saw declines greater than 3c/gal.
On the other hand, Rockies states saw some small increases. Colorado rose 2.4c/gal, Wyoming up 2.1c/gal, North Dakota up 1.6c/gal.
South Carolina boasts the cheapest gas at an average of $3.14/gal, while Mississippi stands at $3.18/gal, Tennessee at $3.21/gal, Alabama at $3.22/gal, and Louisiana at $3.22/gal.
Most states will see decreases at the pump again this week, while prices in the Great Lakes might see a bump up as stations have yet again decreased prices faster than they have dropped at the wholesale level, but motorists there- don't fret- prices will again drop after any increase.