A gallon of regular unleaded now costs $2.70 on average.
 - Photo by Vince Taroc.

A gallon of regular unleaded now costs $2.70 on average.

Photo by Vince Taroc.

The national average gasoline price fell sharply across the country to $2.70 for the week ending Nov. 12 in the face of flagging demand, according to AAA.

Over the week, the price fell 6 cents. It's 21 cents lower than a month ago, and 14 cents higher than a year ago at the end of the year during a time when gasoline prices typically reach a trough.

"Prices could plunge even lower, especially if we see a surge in gasoline production after refiners fully restart units from the fall maintenance season," said Jeanette Casselano, AAA spokesperson. "Also driving down pump prices is the fact that crude oil is selling under $65 per barrel, a rare sight this year."

About 41% of gasoline stations are now selling unleaded for $2.50 or less. At the start of the summer, the majority of stations were selling gasoline for $2.51 or more, according to AAA.

States with the least expensive gasoline include Delaware ($2.35), Missouri ($2.37), Oklahoma ($2.39), South Carolina ($2.40), Ohio ($2.40), Texas ($2.40), Louisiana ($2.42), Alabama ($2.43), Mississippi ($2.44), and Arkansas ($2.45).

States with the largest weekly declines include Ohio (down 12 cents), Michigan (down 11 cents), Nebraska (down 10 cents), Iowa (down 10 cents), Indiana (down 9 cents), Kansas (down 9 cents), Delaware (down 9 cents), Missouri (down 9 cents), Kentucky (down 9 cents) and Oklahoma (down 9 cents).

Meanwhile, the average price of a gallon of diesel fell 1.7 cents to $3.338, which is 45.6 cents higher than a year ago.

Originally posted on Automotive Fleet

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