The average price of gasoline in the U.S. has fallen to its lowest level this year, according to a weekly analysis by Gasbuddy.com.
The gasoline prices in the United States continued to drop and hit the lowest level this year. The current average price stands at $3.23 per gallon, according to a gas price report by Gasbuddy.com. The week ending November 4 closed the average price of gasoline at $3.25 per gallon, the lowest since December 4, 2012.
The prices continue to drop as the U.S. refineries produce more fuel than ever this season. The refineries produced 9.434 million barrels a day of gasoline in the week of October 25. This is the highest in more than three decades.
The discount range of Light Louisiana Sweet, the U.S. Gulf benchmark crude, to European Brent, the international benchmark, averaged at $6.54 a barrel in October. This is the widest discount range ever recorded, reveals data compiled by Bloomberg.
"The U.S. has finally let go of wanting and needing the world's benchmark in favor of great refining margins," said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. "You have to take advantage of the margins while they're here.
Gasoline prices at all pumps fell by different margins across all geographic regions. It dropped most in the Rocky Mountains, declining 6.1 cents to $3.307 a gallon. State-wise, Missouri enjoyed the cheapest price in the U.S. at $2.91 per gallon, while Oklahoma, Arkansas, Texas, and Kansas also paid an average price slightly lower than $3 per gallon. Prices fell to its lowest since February 2011 in the Gulf Coast where people paid $3.03 - a 4.2 cents drop from the previous rates. Taking into consideration national savings, motorists are saving an estimate of $92 million per day compared to last year's prices at the same time of the year, according to a Gasbuddy.com report.
This saving is definitely going to give the American economy a much needed boost as the country suffers from government setbacks and budget cuts.
