Gas Prices Show Little Movement Despite Oil's Plunge

Oil prices may be dropping like a rock, but the decline has yet to show up at the gas pump.

The national average price of self-serve regular today is $3.70 a gallon, down only a penny from $3.71 last Friday, according to AAA. Meanwhile, that's 13 cents higher than a month ago.

The price of diesel fuel is $3.960 a gallon, less than a penny lower than last week's price.

Motorists can probably look forward to much lower prices in the fear future. Oil prices have plunged on world markets this week amid signs that the global economy is slowing down. However, retail gasoline prices always lag behind the futures markets.

Momentum shift

"Momentum last week shifted from upward pressure on oil prices, caused by a weakening U.S. dollar, to downward pressure, from continued bearish indicators for the U.S. economy,” said Avery Ash, AAA's manager of federal relations.

Economic concerns about Europe's deepening debt crisis also pushed oil prices lower. The dollars, meanwhile, showed new strength, making oil that much cheaper. In the past week, retail gasoline prices have leveled off at the $3.70 a gallon mark but have yet to drop very much. Analysts say, however, that drop is probably coming.

The states with the most expensive gasoline today are:

• Hawaii ($4.146)
• Alaska ($4.008)
• Connecticut ($4.049)
• New York ($3.967)
• Washington, DC ($3.917)
• Illinois ($3.895)
• Rhode Island ($3.84)
• Michigan ($3.831)
• Maine ($3.810)
• California ($3.811)

The states with the least expensive gasoline today are:

• Arizona ($3.387)
• Utah ($3.550)
• Colorado ($3.520)
• South Carolina ($3.513)
• Missouri ($3.547)
• Nevada ($3.558)
• Mississippi ($3.560)
• New Mexico ($3.566)
• Tennessee ($3.568)
• Oklahoma ($3.573)