While Wall Street has had a roller coaster of a ride as of late, oil prices have dipped within the past few weeks as uncertainty in the market as well as falling demands drive down gas prices all over much of the country. The average price of gas is $3.62 a gallon in the U.S., down from $3.68 a gallon from one week ago.
While the stock market continues go up and down at unpredictable rates, many analysts say that this is a good break for consumers, transportation companies and the economy as a whole. And it’s likely that prices will continue to fall.
The drop in gasoline prices comes after oil prices dropped more than $10 within the past two weeks. Some analysts even predict that the price could drop down a quarter or more by the end of August, unless the markets reverse.
“When the price of oil goes up or down, gas prices are going to follow, but it takes a few weeks to hit retailers,” AAA spokesman Sarah Schimmer said.
However, while the price at the pumps are dropping, that still remains about 84 cents more than at this time last year when the price was about $2.78 nationwide.
The cheapest gas prices in the country are in the state of Arizona at $3.36 a gallon, and even cheaper in Tucson at $3.27 a gallon. After Hawaii ($4.37/gallon) and Alaska ($4.03/gallon), Connecticut ranks the highest in the country with $3.95 a gallon, with Bridgeport going as high as $4.03 a gallon — by far the highest pump prices in a major city in the country, as well.