Average gas prices by year

(WASHINGTON, August 24, 2015) Average U.S. gas prices today are at the lowest levels for this time of year since 2004 due to the steep decline in the cost of crude oil. Gas prices have dropped recently despite ongoing refinery problems, and prices should continue to fall this autumn due to declining demand and the switchover to winter-blend gasoline. Today’s national average price of gas is $2.59 per gallon, which is eight cents less than a week ago and 84 cents less than a year ago. Pump prices are now 21 cents per gallon below the 2015 peak price reached on June 15.

BP’s largest crude distillation unit at its Whiting, Indiana refinery remains out of commission, due to a malfunction reported on August 8 that triggered dramatically higher prices in the Great Lakes region. Repairs to the unit are reported to be ongoing, and the company has yet to release a date they expect the unit to return to production. However, BP has purchased additional fuel supply and met all of its contractual requirements to date. Although regional supply is still uncertain due to the outage, prices in the region have moved lower over the past week as speculation has built that supply issues might not be as dire as first worried.

Motorists in the Pacific Northwest continue to pay the nation’s highest averages, with five of the six states with averages above $3 per gallon located in this region. California ($3.47) leads the market, and is followed by regional neighbors Alaska ($3.43), Nevada ($3.18), Hawaii ($3.17) and Washington ($3.04) as the nation’s most expensive markets for retail gasoline. Drivers in South Carolina ($2.11) are paying the lowest average at the pump.

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