Gas Prices Drop to $3.25, Lowest Price to Date in 2012

The national average retail price of gasoline hit $3.25 per gallon, which is the lowest price to date in 2012, according to AAA. This price is nine cents less than a week ago, 17 cents less than a month ago, but still one cent more than it was a year ago. Although this price is the lowest in 2012, this price is still the highest on record for this calendar day, according to AAA.

Gas prices in every state are down from last week ago, with the Midwest seeing the largest declines. Ohio saw a price drop of 21 cents; Indiana, a drop of 20 cents; Michigan, a price drop of 18 cents; Minnesota, a 16-cent drop; Kentucky, down 15 cents; and lastly Illinois, which saw the average price fall 14 cents.

A number of states saw prices fall to new lows, including Hawaii, with a price just slightly under $4, at $3.9995 per gallon. This is the first time since March 13, 2011, that the price in all 50 states was below $4 per gallon, AAA stated. Outside Hawaii, the state with the highest average price includes New York, at $3.75 per gallon. Another milestone is that the price of gas in Missouri fell below $3 per gallon, at $2.96 per gallon.

Oil prices went up slightly last week, but they are lower than during the same period in 2011. On Dec. 17, the price for a barrel of oil on the NYMEX exchange for West Texas Intermediate was at $87.55 per barrel. This price is up $1.99 from last Monday, Dec. 10.