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Gas Now Cheaper Than a Year Ago

Average price hits $2.78 this week, dropped 26 cents in seven days

By Mark Huffman
ConsumerAffairs.com

October 24, 2008

The average price of unleaded regular gasoline fell further since last week, hitting $2.781 a gallon on Friday, according to AAA. That's down more than 26 cents from last Friday and is nearly two cents lower than the average price of $2.820 exactly one year ago.

Not surprisingly, the price of oil is dropping almost as fast. OPEC oil ministers, meeting in Vienna this week, approved a plan to cut production to halt oil's price slide, but so far it has had little effect.

December futures on Light Crude fell as low as $63.05 a barrel, the lowest since May 2007. The downward pressure continued in spite of OPEC's decision to cut production by 1.5 million barrels a day.

Oklahoma continues to have the cheapest gas in the nation, with an average price of $2.378. Kansas was next with an average retail price of $2.447 a gallon. Missouri has an average price of $2.456.

Alaska has the most expensive gas in the nation, at $3.784 a gallon, but that's not much more than the national average just a short 30 days ago, when motorists nationwide were paying $3.715.

Only seven states have average gas prices $3 a gallon or higher.

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