First Time Since 2010: National Average Dips Below $3 per Gallon

From GasBuddy

It’s no trick, but a very big treat: the average price of regular gasoline has just fallen below $3 per gallon in the United States for the first time over 46 months, according to GasBuddy. The average price in New York remains above $3/gal, averaging $3.35, while in New Jersey the average price is all the way down to $2.80/gal.

“We have been watching the average fall since June, a rare feat that we had predicted in our 2014 forecast, but to see the magnitude of the decline over the last month has been astounding,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “And to cap it off, the U.S. average dipped below $3 per gallon just minutes ago, and currently sits at $2.999.”

The last time the national average was under $3 was on December 22, 2010, when it stood at $2.995/gal.

According to GasBuddy’s site, 47 states have at least some prices under $3/gal, with the lone exceptions being Hawaii (cheapest gas is $3.75/gal), Alaska (cheapest gas is $3.42/gal), and Wyoming (cheapest gas is $3.02/gal). Just 15.7 percent of the nation’s 133,000 gas stations are charging more than $3.25/gal, while over 60 percent are charging under $3/gal. America’s daily gasoline bill stands some $108 million lower than one year ago.

“With the global decline of crude oil prices matched by the strong fuel production reported both in the U.S. and other major producers worldwide this milestone became inevitable,” DeHaan added.

How much lower could gas prices go?

“That’s the question everyone’s asking and we’re cautiously optimistic that the national average could fall further, perhaps by another 5 to 10 cents per gallon before year’s end. Some parts of the country such as the Southeast might see a greater decrease,” said Gregg Laskoski, another senior petroleum analyst with GasBuddy. “The next OPEC meeting is November 27 and that may give us an indication of whether or not OPEC might try to curb production. If it does, that might stop the slide of oil prices. ”

Costco in Nanuet reports the lowest price in Rockland at $3.09/gal. Most Rockland stations have prices between $3.25 and $3.40/gal.