Finally, Gasoline Prices Start Heading Lower
In June, amid plummeting gas prices, the prospect of a $3-per-gallon national average seemed like it could become a reality by Halloween.
Time reported that after reaching the most expensive ever gas prices for September — which came on the heels of the highest-ever end-of-summer gas prices — that forecast seems highly unlikely to become reality. But at long last, drivers are finally seeing some relief at the pump.
The latest Energy Information Administration report indicates that the national average for a gallon of regular stood at $3.826 as of September 24. That’s about 5 cents cheaper than the week before.
Gas prices were expected to start declining in August, but Hurricane Isaac, refinery problems, and other factors boosted prices higher. The result: this week is the first time gas prices have declined since way back in early July.
Drivers in some states are getting a bigger break than others. In Michigan, for instance, the the average gallon was 10 cents cheaper in one week’s time, dropping from $4.05 to $3.95. According to AAA’s Fuel Gauge Report, average prices in seven states still remain over the $4 mark (Alaska, California, Connecticut, Hawaii, Illinois, New York, Washington).
It’s also noteworthy that the national average is roughly 30 cents per gallon more than a year ago at this time.