Gas Price Decline Stalls

What's wrong with this picture? Oil prices have dropped like a rock in recent weeks amid signs that the global economy is slowing. Gas prices have barely declined.

While it is true there can be a significant lag between the oil futures market and the price of gas at the pump, gasoline prices have, in the past, tended to fall more quickly when it was clear oil prices were headed significantly lower.

The national average price of self-serve regular today is $3.585 a gallon, down just two cents from last week, according to AAA's Fuel Gauge Survey. Today's average price is exactly the same as it was yesterday.

The average price of diesel fuel is $3.888 a gallon, down from $3.912 last Friday.

The stall in retail gas' downward movement coincides with reports this week showing a decline in U.S. gasoline stockpiles, despite little evidence of an increase in demand. An industry report shows refineries are producing a bit less gasoline, with capacity running at about 89 percent.

Two types of oil

The difference in price between oil produced in the U.S. and Brent crude, which comes mostly from the Middle East, might partly explain why gas prices haven't fallen very much. Brent prices have come down some, but not as much as U.S. oil. Many states – especially those on both coasts, tend to get their gasoline from refineries using Brent crude.

That's made for some interesting changes in the rankings of the most and least expensive gasoline. Notably, Connecticut and New York have more expensive gas now than Alaska and California.

The states with the most expensive gasoline today are:

• Hawaii ($4.103)
• Connecticut ($3.936)
• New York ($3.884)
• Alaska ($3.881)
• Washington, DC ($3.837)
• Washington ($3.772)
• Illinois ($3.769)
• Rhode Island ($3.766)
• Oregon ($3.730)
• California ($3.719)
• Montana ($3.715)

The states with the least expensive gasoline today are:

• Arizona ($3.349)
• South Carolina ($3.382)
• Missouri ($3.400)
• Oklahoma ($3.434)
• Tennessee ($3.445)
• Arkansas ($3.451)
• Virginia ($3.462)
• Colorado ($3.463)
• Mississippi ($3.464)
• Louisiana ($3.468)