Tuesday, August 16

Paying Less at the Pump — AAA Reports National Gas Prices To Be at Record Lows for 2014

Americans may feel hesitant to accept this news as good news — and they certainly can’t be blamed — but gas prices are reportedly at the record lows for the 2014 calendar year, and they’re expecting to keep falling across the country.

AAA reported on October 6th that the national average price per gallon was $3.29, and the same article lists some interesting price comparisons to explain the gravity of this situation: just a week earlier, the national average was five cents more, and less than a month ago, the average was 15 cents more. After 11 consecutive days of decreasing national prices, experts predict that the national average cost of gas could go as low as $3.10 before the year is up.

The best part about this national average, as Time reporter Brad Tuttle notes, is that many states are already seeing gas prices lower than $3.29. States on the southeast coast and in the Midwest appear to be experiencing the lowest gas prices in the country, and 11 of these states are averaging around $3.10 per gallon already, and Missouri was the first state to reach prices below $3 per gallon.

The fuel industry is a notoriously difficult industry to pin down and predict — although it might be more accurate to admit that predictions regarding fuel prices in the U.S., over the past decade, have been overwhelmingly dire, and many Americans would prefer not to hear any fuel price predictions at all.

Nevertheless, AAA’s recent article gives a pretty convincing argument that fuel prices will be bearable in the next few months. Not only are gas prices down in 45 states (as well as in Washington D.C.) compared to last year, but fuel costs have also decreased globally, despite increasing violence and political tension throughout the Middle East.

Without a doubt, countless industries throughout the U.S. will benefit from lower gas prices. The holiday season is approaching quickly, and many Americans are already breathing a sigh of relief as they realize that this year’s travel costs aren’t likely to break the bank.

Although industry experts cannot yet predict how long these low gas prices will last, one thing is certain: they’re arriving not a day too soon for American drivers.

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