Tuesday, November 12, 2013

Gas Prices Falling in the U.S., Dip Below $3 a Gallon in Six States


We were told that low gas prices are a thing of the past and that we should get used to paying over $4 a gallon, according to some, and even above $5, according to others. Well, if you've been to the pump lately, you will have noticed that the above scenarios didn’t play out, or at least not in the short term.

According to the AAA, the average price for a gallon of gas (3.785 liters) in the United States right now stands at $3.19 (or to put that in euros, €0.63 per 1 liter of regular unleaded), while in six states, including Arkansas, Kansas, Louisiana, Missouri, Oklahoma and Texas, prices have already dipped under the $3 mark.

However, since these are simply average prices, you can actually find gasoline under $3 in other States as well. CNN reported that according to the Oil Price Information Service (OPIS), close to 20 percent of gas stations across the country are charging less than $3 a gallon for regular (€0.589 / liter).

"In almost half the states, you don't need to make a great effort to find gas at $3 or less," Tom Kloza, chief oil analyst for OPIS, which compiles pricing data for AAA, told the news station.

"To a great extent, the averages are really misleading," he added. "A large station with cheap prices might sell 750,000 gallons a month, while a small independent station with high prices might be struggling to sell 100,000 gallons.

Kloza also pointed out to CNN that some of the reasons we have lower gas prices now include the milder hurricane season and lack of other problems with refineries, plus the increased supply of low-price crude from Canada and North Dakota.

* Avg. gas prices from AAA


AVERAGE PRICE PER GALLON ON 11/12/2013

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