Gasoline Continues Drop $1.77

Graphic: AAA

The national average gasoline price dropped to $1.77, and only one dozen states carry an average of $2 per gallon or more, according to AAA.

On the week, the national gas price average decreased by four cents, and is 28 cents cheaper than last month and $1.11 less than a year ago, according to a release from AAA.

“AAA forecasts that the national average will continue to decrease into next month, possibly dropping as low as $1.65,” said Jeanette Casselano, AAA spokesperson. “We haven’t seen gas prices that cheap since January 2009.”

The Energy Information Administration (EIA) reported demand at 5.3 million barrels per day, a slight increase, but still an extremely low rate compared to last April’s 9.45 million barrels per day average, said AAA. Low demand pushed gasoline stocks to increase for yet another week, this time by 1 million barrels to put total U.S. stock levels at 263 million barrels.

The nation’s largest weekly decreases include Alaska (down 9 cents), Idaho (down 8 cents), Arizona (down 7 cents), Utah (down 7 cents), Montana (down 6 cents), Oregon (down 6 cents), Michigan (down 6 cents), Missouri (down 6 cents), Washington (down 5 cents) and South Dakota (down 5 cents).

The nation’s least expensive markets include Wisconsin ($1.19), Oklahoma ($1.36), Ohio ($1.38), Michigan ($1.40), Arkansas ($1.42), Kentucky ($1.43), Indiana ($1.44), Missouri ($1.46), Iowa ($1.47) and Mississippi ($1.49).

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