Nationally, the average gasoline prices have dropped by a nickel to $3.90 a gallon since last week, AAA reported Monday.
This is 51 cents less than a month ago but 74 cents more than a year ago. The recent drop has been attributed to stable global oil prices and modest domestic demand for gasoline.
The states with the largest weekly decrease are Florida, West Virginia, Maine, New Jersey, Rhode Island, Vermont, Massachusetts, Wyoming, Connecticut, and Mississippi.
They dropped between 10 cents and 12 cents.
The least expensive market is Arkansas at $3.41 a gallon followed by Mississippi, $3.43; Georgia, $3.43; Texas, $3.44; Tennessee, $3.44; Louisiana, $3.46; South Carolina, $3.46; Missouri, $3.47; Alabama, $3.47; and Kansas, $3.48.
“Drivers are now benefiting from gas prices that are $1.11 less than their peak in mid-June,” AAA Spokesperson Andrew Gross said. “But now we need to keep an eye on the weather as hurricane season arrives. These storms can affect prices by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.”
Gas demand rose slightly from 9.12 million barrels per day to 9.35 million last week, according to the Energy Information Administration. This is nearly identical to last year.
Easing oil prices have helped lower gasoline prices despite increased demand and tightened supplies.