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Gas prices have declined to their lowest levels since 2004, according to a study by AAA, and they are only expected to continue dropping this fall.
On Monday, gas prices hit a nationwide average of $2.59 per gallon, 8 cents lower than a week ago and 84 cents lower than a year ago. The low prices came in spite of refinery problems, including the temporary closure of BP's largest crude distillation unit in Whiting, Ind. That plant just came back online a few days ago, and gas prices in the region are expected to drop further.
Right now, we can thank an oversupply of crude oil -- and China -- for the dropping prices at the pump. Unexpectedly slow growth in China has made a dent on global markets, causing prices of crude oil to drop. At the end of last week, crude oil prices remained at their lowest levels since March 2009.
Drivers in South Carolina are receiving the cheapest gas in the nation right now, with prices averaging just $2.11 per gallon. On the other side of the spectrum, California motorists are shelling out an average of $3.47 a gallon at the pump. That's ahead of Alaska ($3.43), Nevada ($3.18), Hawaii ($3.17), and Washington ($3.04). Rounding out states in the three-dollar range is Illinois, where drivers are paying an average of $3.03 per gallon to fill up their vehicles. Source: AAA
AAA: Gas Prices Now at Lowest Levels Since 2004
On Monday, gas prices hit a nationwide average of $2.59 per gallon, 8 cents lower than a week ago and 84 cents lower than a year ago. The low prices came in spite of refinery problems, including the temporary closure of BP's largest crude distillation unit in Whiting, Ind. That plant just came back online a few days ago, and gas prices in the region are expected to drop further.
Right now, we can thank an oversupply of crude oil -- and China -- for the dropping prices at the pump. Unexpectedly slow growth in China has made a dent on global markets, causing prices of crude oil to drop. At the end of last week, crude oil prices remained at their lowest levels since March 2009.
Drivers in South Carolina are receiving the cheapest gas in the nation right now, with prices averaging just $2.11 per gallon. On the other side of the spectrum, California motorists are shelling out an average of $3.47 a gallon at the pump. That's ahead of Alaska ($3.43), Nevada ($3.18), Hawaii ($3.17), and Washington ($3.04). Rounding out states in the three-dollar range is Illinois, where drivers are paying an average of $3.03 per gallon to fill up their vehicles. Source: AAA
AAA: Gas Prices Now at Lowest Levels Since 2004
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