The U.S. national average has again held relatively steady in the last week, declining by a mere penny to $3.64 per gallon as of midnight. However, I fully expect that by the end of this work week, the national average will have fallen below where it was a year ago.
Some fun facts about gasoline prices:
The national average for July was $3.590/gal. This is 17cts more than July 2012 ($3.416), 6cts less than July 2011 ($3.649), and 86cts more than July 2010 ($2.727.)
If end-of-July 2013 prices hold steady through the first two weeks of August, the US average gas prices will be beneath August 2012 and August 2011 numbers.
As of this posting, crude oil is at $106.11/bbl. $100/bbl crude oil prices to begin a month last occurred on May 2012. The average price of gasoline back then was $3.81/gal, but dropped nearly 20cts by that month’s end.
Based on preliminary demand data, Americans spent approximately $1.36 billion each day on gasoline in July 2013, about $100 million more per day than in July 2012.
Other than one blip, gas prices have been steadily declining since July 22. (The one blip was July 30, when the average increased by half a cent.) Prices have moved downward for 11 of the past 13 days.
Nine states have zero stations reporting prices over $4.00, though surprisingly, South Carolina is not one of them: Alabama, Arkansas, Delaware, Kansas, Kentucky, Minnesota, Mississippi, New Hampshire, and Vermont.
The cheapest gas stations are in Virginia where the cheapest 1% of sites average $2.963/gal, making it the only state where you can find gas under $3.00/gal. In fact, the cheapest traditional gasoline found in the United States is in Danville, Virginia at $2.82/gal.