Tuesday, July 29, 2014         

 Print   Email   Comment | View 2 Comments   Most Popular   Save   Post   Retweet

U.S. gasoline prices cheapest since January

By Associated Press


NEW YORK >> The price of gasoline has dropped to the lowest level in five months, giving drivers some relief ahead of the July 4 holiday.

The national average fell to around $3.38 per gallon today. Gas is now below $3 in South Carolina and under $4 in every other state except for Alaska and Hawaii.

Hawaii's average price of  about $4.30 remains the highest in the nation, according to the AAA Daily Fuel Gauge Report. Regular gas in Alaska is at $4.16.

Americans are now spending roughly $200 million per day less at the pump than in early April, when gas peaked at $3.94 per gallon.

Hawaii's prices dropped about 32 cents from a record high of $4.62 on April 11. In Honolulu, the average price is about $4.19, according to AAA. Wailuku has the highest average at $4.73, while Hilo's gas prices average $4.27 for regular.

The savings at the pump hasn't encouraged people to drive — or spend — more this summer. They're buying about 5 percent less gasoline than they did last year, even though a gallon is 18 cents cheaper.

Saving a few dollars at the pump also does only so much for consumer psychology.

A private consumer research firm said Americans continue to be rattled by the sluggish economy. The Conference Board's reading of consumer confidence fell in June for the fourth month in a row. It said worries about the unemployment rate, low home values, a shaky stock market and a struggling European economy could hamper consumer spending, which accounts for 70 percent of U.S. economic activity.

Worries about the global economy are keeping oil near 8-month lows.

 Print   Email   Comment | View 2 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
sluggah wrote:
Isn't it strange how when oil goes up, the next day gas prices go up, then when oil prices go down, there's a lot more lag time for them to go down. Maybe the price controls were't such a bad idea after all.
on June 27,2012 | 08:41AM
DowntownGreen wrote:
Isn't it strange how when the price of gasoline goes up the Republicans pound their chests and blame President Obama, yet when the price goes down... crickets....?
on June 27,2012 | 04:28PM
Breaking News