Gas Prices at a Five-Year Low

By Paul Riegler on 21 January 2015
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Gas prices have dropped precipitously since October

Gas prices have dropped precipitously since October

Across the country, fuel prices have dropped over the past week.  The average price for a gallon of gasoline is lower than it was a week ago, as is the price for a gallon of diesel nationwide.

A gallon of gasoline was $2.066, $0.073 less than it was a week ago, and $1.230 less than it was a year ago at this time, according to the United States Energy Information Administration.  Meanwhile, the price for a gallon of diesel was $2.933, a drop of $0.120 from last week, and $0.940 from last year.

New England saw the greatest decrease in gasoline prices, with a drop of $1.28 from last week, for a price of $2.222.  The West Coast saw the next greatest decline, with a $0.108 drop, while the Central Atlantic region experienced a $0.098 decrease, and the Lower Atlantic and Rocky Mountain regions experienced drops of $0.084 and $0.078, respectively.  The lowest price in the nation is $1.30, at a Shamrock station in Dallas, Texas, while the cheapest state average is Missouri, at $1.766.

Earlier this month, the U.S. Energy Information Administration estimated that the average American household would save $750 due to lower gasoline prices this year, a $200 increase over the figure that government officials predicted last month.

In diesel prices, the Rocky Mountain region saw the greatest decline, with a $0.143 drop, for a price of $2.884.  Next was New England, with a $0.123 drop, while the Lower Atlantic, the Midwest, and the Gulf Coast all saw a decrease of $0.121.  Meanwhile, the West Coast experienced a $0.115 drop, and the Central Atlantic saw a decline of $0.108.

(Photo: Accura Media Group)

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