National average for unleaded drops to $3.12 a gallon
By Mark Huffman
ConsumerAffairs.com
The price of oil has dropped to levels unthinkable back in July, when consumers were feeling rage at the gas pump.
Then, the price of a barrel of crude topped out at a record $147 a barrel, sending gasoline prices to record levels. But within 90 days sentiment has dramatically shifted, and the price has now fallen through the $80 a barrel level.
Crude oil for November delivery fell to $77.85 on the New York Mercantile Exchange. As a result, U.S. gasoline prices have been following oil prices lower.
The national average price of unleaded gas has dropped to $3.125 a gallon, down from its high of $4.11 reached on July 17, according to AAA. Those prices are down sharply in recent days, gas still costs more than it did a year ago. One year ago, the national average price of unleaded fuel was $2.759 a gallon.
The average price of gas is above $4 a gallon in only one state, Alaska, where the price is $4.066. The price in Hawaii has dipped below the $4 mark, to $3.933.
The average price is now below $3 a gallon in a number of states. The lowest average price is in Oklahoma, where a gallon of unleaded sells for an average $2.692.
The average price has also come down in California, at $3.442. The average price in New York is $3.367.
