The average price per gallon in the United States for regular gasoline was $4.87 according to figures from the U.S. Energy Information Administration. That price is down $0.09 per gallon from one week earlier and down $0.13 from an all-time peak in the middle of the month, when the price was $5.01.
While lower prices are good news, the bad news is that the cost per gallon is still up $1.781 when compared with the same date one year earlier.
Meanwhile, the cost of diesel fuel continues to climb with no end in sight. The average cost for one gallon this past Tuesday was $5.72, up $2.43 from one year ago.
Experts caution that the recent decline in prices may not last, given the volatile situation in Ukraine and that the fireworks at the pump are far from over.
The decline in prices stems largely from declining oil consumption across the globe which has resulted in a small decline in the price of crude oil. On Thursday, the price of a barrel of crude fell 1.8% to $109.79.
Hurricane season is first beginning and offshore refineries are frequently impacted by such storms.
Still, the price of a gallon of gas also varies by state. Georgia is currently the state with the lowest price at $4.37 per gallon while California has the highest price with $6.29.
(Photo: Accura Media Group)