Oil prices are down, and so is demand for gasoline. As a result, the price at the pump continued its welcome slide this week.
AAA’s daily fuel price survey shows that the national average price of regular gas is $4.41 a gallon, 16 cents lower than last Friday and 54 cents less than a month ago.
The average price of premium gas is $5.16 a gallon, also 16 cents less than a week ago. The average price of diesel fuel is $5.45 a gallon, 12 cents less than last week.
Patrick DeHaan, head of petroleum analysis at GasBuddy, notes that Libya is ramping its oil production back up and could provide 1.2 million daily barrels to the world’s oil supply. At the same time, he says total U.S. oil stocks are down more than 66 million barrels from a year ago.
Many states saw double-digit declines in average pump prices this week. The statewide average price of regular gas fell by 19 cents a gallon in Kentucky and Tennessee; 18 cents in Texas; 17 cents in Illinois, Alabama, and Arkansas; 16 cents in South Carolina; 15 cents in North Carolina, Alaska, Georgia, and Utah; and 14 cents a gallon in California, Arizona, Mississippi, and Louisiana.
States with the most expensive gas
These states currently have the highest prices for regular gas, according to AAA:
States with the cheapest gas
AAA reports that these states currently have the lowest prices for regular gas:
South Carolina ($3.95)
North Carolina ($4.10)