Gasoline Moves Lower to $2.35 Per Gallon
Photo by Vince Taroc.
The national average price of regular unleaded fell 4 cents to $2.35 per gallon for the week ending May 8, as a result of "an unseasonable glut of gasoline in the U.S. market," according to AAA.
The price is now 4 cents lower than a month ago and 14 cents lower than a year ago. In the past week, the average price in 46 states fell, including some by as much as 9 cents. The decline in prices is also a result of record high refinery production rates, moderate demand, and a recent drop in crude oil prices, according to AAA's weekly fuel report.
The states with the largest weekly decreases include Ohio (9 cents), Michigan (9 cents), Indiana (9 cents), Illinois (7 cents), Delaware (6 cents), Kentucky (6 cents), Missouri (6 cents), Florida (5 cents), Kansas (5 cents) and Maryland (4 cents).
The states with the biggest changes in the last year include Alaska (44 cents), Hawaii (42 cents), Washington (40 cents), Oregon (34 cents), New Jersey (30 cents), New Mexico (27 cents), Montana (26 cents), North Dakota (24 cents), Nevada (21 cents) and Pennsylvania (21 cents).
Meanwhile, the average price of diesel fell 1.8 cents to $2.565. Diesel is now 29.4 cents higher than it was a year ago, according to the U.S. Energy Information Administration.