Gas Prices Continue to Fall as 2014 Draws to a Close

By Jesse Sokolow on 30 December 2014
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A filling station in Duncan, South Carolina last week

A filling station in Duncan, South Carolina last week

As the year comes to a close, it has become commonplace in some parts of the country to see a gallon of gasoline for under $2.00. Across the nation, fuel prices are down over the prior week, while, in addition, every region of the county is experiencing lower prices than they were a year ago.

The average price for a gallon of gasoline was $2.299, $0.104 less than it was a week ago, and $1.032 less than it was a year ago, according to the U.S. Energy Information Administration. Meanwhile, the average price for a gallon of diesel fell $0.068 from a week ago and $0.690 from a year ago, to a price of $3.213 per gallon in the U.S.

The Midwest saw the greatest drop in gasoline prices, with a $1.176 decline from the same period last year, for a price of $2.088. The Gulf Coast experienced the next largest drop, with a $1.044 decrease from last year, while New England and the Lower Atlantic saw a drop of $0.993 and $0.988, respectively. A filling station in Duncan, a town in Spartanburg County, South Carolina, was seen offering a gallon of regular gasoline for $1.95 on Christmas Day. In addition, the Rocky Mountain region saw a drop of $0.872 from a year ago, while the West Coast saw a decline of $0.909.

The West Coast experienced the greatest drop in diesel prices, with a gallon of diesel falling $0.756 from a year ago, for a price of $3.269. This was closely followed by New England, which saw a $0.746 decrease, and the Lower Atlantic, where the price dropped $0.695 from the same period last year. In the Midwest, diesel prices were down $0.681, while the Rocky Mountain region saw a $0.650 decline.

(Photo: Accura Media Group)

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