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Gasoline Prices Plummet to Start 2015

January 06, 2015

Photo courtesy of Wikipedia.
Photo courtesy of Wikipedia.

The national average gasoline price started out 2015 the way it ended 2014 — by continuing its decline. The price fell 8.5 cents to $2.214 for the week ending Jan. 5.

The decline mirrored a fall in oil futures on Jan. 5 that brought light, sweet crude for February delivery to a 5-½ year low of $50.04 a barrel on the New York Mercantile Exchange. Retail gasoline has been steadily falling since late June and is now $1.118 lower than it a year ago, according to the U.S. Energy Information Administration.

The price of gasoline fell in nine regions and now costs less than $2 per gallon in the Midwest ($1.974) and Gulf Coast ($1.993). The highest average price came on the West Coast at $2.582.

Among states, Hawaii tops the list with an average of $3.484 per gallon. Gasoline now costs less than $2 per gallon in seven states, including Texas ($1.983), Kansas ($1.922), Indiana ($1.92), Michigan ($1.901), Ohio ($1.897), Oklahoma ($1.893), and Missouri ($1.859), according to the AAA's Daily Fuel Gauge Report.

Meanwhile, the average price of diesel fell 7.6 cents to $3.137 per gallon. Diesel costs 77.3 cents less than it did a year ago.

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