Oil prices continued to slide last week furthering a three-week trend, which has helped to push retail gas prices down to the lowest level they’ve been in for months. The average retail price for regular gas in across the US sits at $3.61 a gallon according to AAA. This is the least expensive gas has been since April this year, and just above what it was at the same time last year.
AAA spokesman Mark Jenkins attributes the current falling prices a large decrease in oil prices. He noted, “Oil prices hit a free-fall at the end of last week. As a result, motorists could see prices at the pump fall 10 to 20 cents in the next two weeks.”
Despite the falling prices, there are still three states where average gas prices are over $4.00 a gallon: Alaska, California and Hawaii. If the trend continues for the rest of the summer, even these states may see gas prices at under $4.00 a gallon.
The good news to motorists comes from oil prices hitting their lowest price in two months on the NYMEX. A barrel of oil looks poised to fall under $100 a barrel this week as it ended at $100.83 at the end of last week. That was a $3.23 decrease from the previous week.
Despite the falling prices, this shouldn’t be seen as an opportunity to slack on finding ways to save on gas. By continuing to find ways to decrease the amount you spend on gas now with the falling prices, you can put that money away for when prices to increase again. There are a wide variety of ways to save money on gas, as well as a number of gas saving myths you want to avoid, and the best time to put them in place is now.