WEX Monthly PPG Average Report for October 2014
|Los Angeles, CA||$3.61||$3.89|
|New Orleans, LA||$2.97||$3.49|
|New York, NY||$3.61||$4.29|
|San Francisco, CA||$3.73||$4.14|
|St. Louis, MO||$2.85||$3.37|
|National Average (US)||$3.16||$3.65
Fuel Prices Nosedive to a Four-Year Low
The national retail gasoline average is $2.94 per gallon, its lowest level since December 2010. Prices have plummeted nearly 35 cents per gallon in the past 30 days and analysts are calling for further drops in the coming weeks.
Crude prices have fallen to $79 per barrel, down nearly $30 from July. Experts are saying a poor outlook for the Chinese economy, slower demand and higher supplies are to thank for cheaper prices. In addition, Saudi Arabia has been fairly aggressive with production. Some market-watchers are speculating that an all-out price war between OPEC and non-OPEC countries could be on the horizon. This could drop prices to levels not seen in more than ten years. Five states already have averages below $2.75 with a handful of stations posting prices below $2.50.
Meantime, diesel prices are averaging $3.60 per gallon, more than 25 cents below where they were a year ago. Analysts are calling for further declines in diesel prices even with heating oil season starting to ramp up.