Late October Brings Falling Gasoline Prices

The national average gasoline price fell 4 cents to $2.85 per gallon for the week ending Oct. 22, as the price has given way following several weeks of lower demand. The price is where it was a month ago and 39 cents higher than a year ago, according to AAA.

Reduced refinery runs, as a result of higher maintenance, have contributed to the lower prices, said Jeanette Casselano, AAA spokesperson.

"Motorists across the country are seeing gas prices more than a dime cheaper than last week, with 41 states having less expensive state averages on the week," Casselano said. "Prices are falling despite market concerns about global supply and geopolitical tensions, but that could change later this month ahead of the U.S. announcement of imposed sanctions on Iran."

States with the lowest gasoline prices include Delaware ($2.56), Ohio ($2.57), South Carolina ($2.58), Mississippi ($2.58), Missouri ($2.59), Alabama ($2.60), Louisiana ($2.60), Texas ($2.61), Arkansas ($2.61), and Oklahoma ($2.61).

States with the most weekly decreases include Ohio (down 12 cents), Delaware (down 10 cents), Michigan (down 10 cents), Indiana (down 10 cents), Kentucky (down 8 cents), Iowa (down 7 cents), Maryland (down 7 cents), Illinois (down 7 cents), Oklahoma (down 7 cents), and Missouri (down 6 cents).

Meanwhile, the average price of a gallon of diesel fell 1.4 cents to $3.38, which is 58.3 cents higher than a year ago.