Gasoline prices nationally are averaging $2.76 a gallon, the lowest price since the end of April.
National prices also are 15 cents less than last month and six cents less than last week but are 24 cents higher than last year.
Only four states have less expensive prices when compared to a year ago: Ohio and Indiana are 12 cents cheaper, while Illinois and Michigan are two cents cheaper.
“With the market anticipating and reacting to the pending Iran sanctions throughout the summer, motorists likely have seen the worst in terms of retail prices for the year,” Jeanette Casselano, AAA spokesperson, said. “If the crude oil market remains steady, gas prices are likely to continue to fall as much as ten cents in the near-term.”
The Trump Administration had announced in May that sanctions would be re-imposed on Iran beginning in November. The market reacted, and crude oil prices reached $77 a barrel over the summer. Oil exports from Iran also dropped during the same period.
The nation’s highest gasoline prices continue to be on the West Coast with Hawaii being the only state not to see a price decrease.
Delaware has the nation’s lowest gasoline prices at $2.44 a gallon.