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Gas Prices Reach 8-Month Low

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After a two month high with a national average of $3.46 a gallon, gas prices tilt to an 8-month low of approximately 35 cents since the top of the year. While most Americans consider this incredible feat a reason to leap for joy, the price dip only gets better, as prices are anticipated an additional 20 to 25 cents in the next few weeks.

However, it’s not an unexplained wonder. There’s three reasons to serve as justification for the price drop. GasBuddy chief oil analyst, Tom Kloza reports that diminishing petroleum oil prices, lower consumer demand, and the surge in United States refinement, are all factors in the notable decline in gas prices.

In August, crude oil prices surged to a two-year high estimated at $112 a barrel based on the possibility of a disruption in global supplies due to United States military’s involvement with the war in Syria. As possibilities of United States involvement with Syria waned, so did the potential strain of tensions with Iran. As a result, crude prices sailed to an impressive $103.13 a barrel Tuesday. Wholesale petroleum slated for delivery in October, are expected to go for $2.66 a gallon, which equates to 60 cents below August retail prices in some United States markets.

 

 

 

AAA reports that gasoline has been priced about $3 a gallon for 1,000 days consecutively, which is something that’s never happened before.

GasBuddy reports that the best bargains have also been noted in the southern regions of the United States in areas like Louisiana, Mississippi, Texas, Georgia, South Carolina, and Tennessee. Some outlets in these particular areas actually have gasoline priced at a little over $3 a gallon.

Average Regular Gas Price By State
South Carolina 3.096 -0.011
Mississippi 3.160 -0.018
Missouri 3.194 -0.028
Texas 3.196 -0.013
Arkansas 3.200 -0.017

The best bargains on gas can be found in South Carolina with prices averaging approximately $3.13 a gallon. Hawaii has been listed as the most expensive with a gallon of gas priced at an average of around $4.30.

Image via Wikimedia Commons

Gas Prices Reach 8-Month Low
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