Gasoline prices drop below $3/gallon in Iowa and 17 other states
Seven gasoline stations in Iowa were selling gasoline for under $3 per gallon yesterday, according to the site GasBuddy.com.
A BP station in Council Bluffs had the lowest price at $2.97 while six other stations were at $2.99 per gallon. With the exception of one outlet in Cedar Rapids, all of the other stations were located in extreme southwest Iowa.
GasBuddy says 18 states have stations reporting gasoline under $3 per gallon. St. Louis, Mo., has the lowest price at $2.79 a gallon. Tulsa, Okla., has some stations at $2.85 per gallon and Lubbock, Texas, has some outlets at $2.89 per gallon.
Other states with gasoline under $3 per gallon include South Carolina, Mississippi, Arkansas, Virginia, New Mexico, Louisiana, Tennessee, Alabama, New Jersey, Kansas, Georgia, Nebraska, Ohio and Indiana.
“While the direction of current prices reflect what we can expect for fourth quarter fuel prices, it’s certainly encouraging to see how many states already have stations with regular gas available for under $4,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.
“If current supply and demand fundamentals remain unchanged and west Texas crude slips into the mid-$90s, then perhaps by Thanksgiving, we could see as many as 33 states (two-thirds of the U.S.) with gas stations selling below $3,” said Greg Laskoski, another GasBuddy senior petroleum analyst.
Average retail gasoline prices in Iowa fell 6.4 cents last week, averaging $3.28 per gallon on Sunday, according to GasBuddy’s daily survey of 2,036 gas outlets in Iowa.
With the change from last week included, gas prices in Iowa are 48 cents per gallon lower than the same day one year ago and 36.5 cents per gallon lower than a month ago.
“They national average has continued its decline which has been continuing for 34 consecutive days,” DeHahn noted, “and the odds are very good that prices will continue to decline in most areas in the week ahead…Much of the difference can be blamed on more active Atlantic waters last year which brought more storms than what we’ve seen this year.”
The national average for gasoline fell 4.2 cents last week to $3.38 per gallon. The national average has decreased 21.4 cents per gallon during the last month and is 41.9 cents lower than one year ago.