Gas Prices To Hit Low For The Year
By Monday the national average is expected to be below $3.28 a gallon, which was the price last January 1.
A combination of high oil prices and supply shortages caused by refinery and pipeline problems kept gas prices elevated for most of the year. The national average hit a high of $3.94 a gallon in early April and was around $3.87 in September after Hurricane Isaac disrupted supplies from the Gulf Coast.
Prices in most areas have fallen since then as supplies got replenished and refiners switched to cheaper winter blends of fuel. However, New York and New Jersey saw temporary spikes in November due to Superstorm Sandy. At $3.77 a gallon, New York’s average price is the second-highest in the nation, behind Hawaii’s $4, according to auto club AAA.
Californians continue to pay some of the highest gas prices in the U.S. But they’re likely relieved to be spending an average of $3.59 a gallon just two months after a refinery fire and pipeline shutdown sent prices at the corner station soaring close to $5.
The nation’s lowest prices are found mostly in the lower Midwest and parts of the South. Missouri is closest to cracking the $3 level, with its average price of $3.01. Oklahoma, South Carolina and four other states show an average of $3.10 a gallon or less.
Prices are expected to be cheaper next year.