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Gas Prices Continue Dropping during Holiday Season

South Carolina cheapest for gas, while California most expensive.

by on Apr.08, 2015

Gas prices have dropped steadily during the last 30 days and are more than $1 cheaper than a year ago.

Even with the Easter and Passover holidays at hand, the national average price for regular unleaded gasoline continues to drop.

AAA reports gasoline prices have fallen for 24 of the past 30 days, after reaching a peak-to-date price for 2015 of $2.46 per gallon on March 7. The price at the pump continues to reflect seasonality as refineries complete scheduled maintenance and prepare for the summer driving season, according to the latest estimate by AAA.

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AAA calculated this week the national average price at the pump is $2.39 per gallon, which represents a savings of three cents versus one week ago and seven cents versus one month ago. Consumers continue to experience significant year-over-year savings in the price of retail gasoline and are saving $1.19 per gallon compared to this same date last year.

California drivers continue to pay the most in the nation for retail gasoline at an average of $3.15 per gallon. However, with local refineries returning to normal production levels, prices in the state have posted the largest declines in the nation over the past several weeks. Motorists in South Carolina, where gasoline sells for $2.09 per gallon, Tennessee, where it is $2.13 per gallon, and Mississippi at $2.15 per gallon are paying the nation’s lowest prices to refuel their vehicles.

While prices could still rise again this spring if global crude prices rise or domestic refineries experience production issues, the timing of this seasonal peak would be within the range of recent years but the “high” would be significantly lower, AAA reported.

(Makes tracking to meet 2025 fuel standards. For more, Click Here.)

The global oil market remains in flux due to news of declining revenues for producers as well as the potential for additional supply to enter the market, AAA noted.

(Click Here for details about U.S. gasoline usage at lowest levels since 1984.)

Organization of the Petroleum Exporting Countries (OPEC) member nations posted their lowest net export revenues since 2010, due to reductions in oil exports from the countries and the sharply lower price of crude.

(To see more about the cost of EV batteries dropping, Click Here.)

AAA said the observers surrounding the crude oil markets remain focused on the oil cartel for any signs of a move to cut production to stabilize prices, and with news of a framework for a nuclear agreement having been reached between Western powers and Iran, speculations of oversupply are expected to keep downward pressure on the market. Iran holds the world’s fourth-largest proven reserves of crude oil, but since 2012 sanctions have limited the OPEC member country’s ability to participate fully in the global oil market.

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One Response to “Gas Prices Continue Dropping during Holiday Season”

  1. GT101 says:

    OPEC is achieving exactly what they desired.