As crude oil prices dropped last week, the price of gasoline at the pump continued to decline and is now at the lowest point since February 23.
This is largely due to the substantial demand destruction that continues to weigh on the market, according to the AAA Fuel Gauge Report.
The most recent gasoline demand report shows the four-week average at 4.5% lower than the same period in 2010. The current national retail average price for a gallon of self-serve regular gasoline is $3.22. Today’s price is a nickel less than one week ago and 15 cents less than one month ago.
While today’s price is 24 cents more expensive than one year ago, it is the lowest year-over-year premium since June 1, 2010, when American drivers were paying $2.73 per gallon. Earlier this year, motorists often paid more than a 90-cent year-over-year premium.
Drivers in five states are currently paying less than 20 cents more at the pump than one year ago:
- New Mexico (14 cents)
- Delaware (15.6.cents)
- New Jersey (18.7 cents)
- Ohio (19.4 cents)
- Maryland (19.8 cents)
Drivers in four states are currently paying more than a 40-cent year-over-year premium:
- Colorado (40.2 cents)
- Wyoming (40.3 cents)
- Alaska (40.7 cents)
- Hawaii (42.8 cents)
Diesel Gas Prices
The average U.S. price for diesel dropped nearly seven cents to $3.828/gal. this week from $3.894 during the week of Dec. 12, according to data tracked by the Energy Information Administration (EIA). Diesel costs 58 cents more per gallon this year compared to the same time period in 2010.
GPS Tracking System Can Help You Save Money On Gas Costs
If you or your business has been affected by this year’s high gas prices, you may want to consider investing in a GPS tracking system. A GPS tracking system can help you save time, money and and reduce the amount you spend each year on fuel.
Don’t just take our word for it, the Aberdeen Group recently concluded that GPS tracking systems help companies reduce fuel costs by 13.2% on average.