Gas Prices Take a Plunge Nationwide

gas pump

Gas prices take a plunge nationwide according to AAA Daily Fuel Gauge Report as well as the observer site GasBuddy.com, reaching under 2 dollars in some regions of the country.

Gas prices take a plunge nationwide according to AAA Daily Fuel Gauge Report as well as the observer site GasBuddy.com, reaching under 2 dollars in some regions of the country.

Gas prices are largely circumstantial and depend also on the state or region where you live. Nonetheless, the national average according to both sources has reached 1.97 dollars for a gallon of gasoline. Compared to the same period last year, the price per gallon has dropped by 17 cents.

A handful of experts believe that states such as Missouri, South Carolina, Oklahoma, Alabama and Arkansas could see gas prices drop even lower with the average gas price currently being 1.75 dollars. Such low gas prices haven’t been observed since over a decade.

As gas prices take a plunge nationwide, one reason behind it is represented by oil experts. Saudi Arabia is exporting at high rates, which is driving OPEC into collapse from this perspective. Another reason quoted by experts is the output of oil refineries across the United States. When oil refineries do not perform well, gas prices spike to high levels.

In California this is a problem as the AAA Daily Fuel Gauge Report states the average gas price in the state is 2.87 dollars. This is currently the highest gas price per gallon nationwide. Even Hawaii, the usual market leader is lagging behind California’s average gas price by 19 cents.

In addition, the plunge or uptick in gas prices depend largely on gas taxes at the pump. This makes it more of a headache when prices are broken down per states or at the local level. As per the American Petroleum Institute, the national average gas tax is currently approximately 49 cents per gallon.

However, several states currently implement lower gas taxes in accordance with the top of the states which enjoy the lowest gas prices as well. For instance, Oklahoma, South Carolina or Missouri have gas taxes of 35 cents per gallon.

While gas prices are averaging a low that hasn’t been observed in over a decade nationwide, they are largely circumstantial. Many variable factor in and they could change from one week to another.

Photo Credits: Flickr

Comments

comments

COMMENTS