Indiana’s statewide gas price average ($1.999) is currently fourth lowest in the nation according to AAA Hoosier Motor Club. Only Missouri ($1.897), Oklahoma ($1.959) and Ohio ($1.988) boast an average lower than the Hoosier state.
The average price of gas has dropped below $2.00 per gallon in four states for the first time since 2009. Seven additional states currently have average prices within a dime of that mark.
“Crude oil prices have been steadily dropping, North American stockpiles and overall petroleum production are high and the overall demand for petroleum is down,” said Greg Seiter, public affairs manager for AAA Hoosier Motor Club. “The absence of extremely cold temperatures, which increases the demand for heating oil, is also working in our favor.”
Indiana’s ongoing gas price reductions are reflective of a nationwide trend. In fact, the national average price of gas has dropped for 97 consecutive days, which is the longest streak on record. According to AAA, average gas prices have fallen every day since Sept. 25 for a total of $1.09 per gallon.
As a result, AAA estimates that Americans have saved approximately $14 billion on gasoline this year compared to 2013, based on monthly prices and perceived usage.
- The annual average price of gasoline in 2014 was $3.34 per gallon, which was about 15 cents less than last year’s annual average of $3.49 per gallon. In other recent years, gas prices have averaged $3.60 (2012), $3.51 (2011) and $2.78 (2010).
- The highest daily national average of the year was $3.70 per gallon on April 28, while the lowest was $2.26 per gallon on Dec. 31, 2014.
- The cheapest gas prices of 2014 were in South Carolina for the third year in a row, which had an annual average of $3.10 per gallon. The next lowest annual averages included: Missouri ($3.11), Mississippi ($3.12), Tennessee ($3.13) and Arkansas ($3.14).
- Hawaii had the most expensive gas prices in 2014 with an annual average of $4.16 per gallon. The next highest annual averages included: Alaska ($3.84), California ($3.75), Connecticut ($3.65) and New York ($3.65).
- U.S. average gas prices have declined $1.44 per gallon (39 percent) since reaching a high of $3.70 per gallon on April 28.
- The national average price of gas in December was $2.51 per gallon, which was the lowest monthly average since May 2009. The average in December 2013 was $3.26 per gallon. Consumers this month spent about $215 million per day less on gasoline compared to December 2013.
- Today’s national average price of gas is $1.06 per gallon less than a year ago. Many drivers are saving $15-$30 every time they go to the gas station compared to a year ago.
AAA updates fuel price averages daily at www.FuelGaugeReport.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
Source: AAA, Inside INdiana Business