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The Car and Truck Fleet and Leasing Management Magazine

Gasoline Prices Plummet to Start 2015

January 06, 2015

Photo courtesy of Wikipedia.
Photo courtesy of Wikipedia.

The national average gasoline price started out 2015 the way it ended 2014 — by continuing its decline. The price fell 8.5 cents to $2.214 for the week ending Jan. 5.

The decline mirrored a fall in oil futures on Jan. 5 that brought light, sweet crude for February delivery to a 5-½ year low of $50.04 a barrel on the New York Mercantile Exchange. Retail gasoline has been steadily falling since late June and is now $1.118 lower than it a year ago, according to the U.S. Energy Information Administration.

The price of gasoline fell in nine regions and now costs less than $2 per gallon in the Midwest ($1.974) and Gulf Coast ($1.993). The highest average price came on the West Coast at $2.582.

Among states, Hawaii tops the list with an average of $3.484 per gallon. Gasoline now costs less than $2 per gallon in seven states, including Texas ($1.983), Kansas ($1.922), Indiana ($1.92), Michigan ($1.901), Ohio ($1.897), Oklahoma ($1.893), and Missouri ($1.859), according to the AAA's Daily Fuel Gauge Report.

Meanwhile, the average price of diesel fell 7.6 cents to $3.137 per gallon. Diesel costs 77.3 cents less than it did a year ago.

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