GO
Loading...

US gas prices slide as summer's end, supply brings relief

Getty Images

A swath of U.S. states are getting a big break at the pump, website GasBuddy said on Monday, with retail prices dipping below $3 a gallon for the first time in nearly a year in some areas.

According to GasBuddy—a site where motorists around the country can post and view local gas prices—16 states are seeing major gas price relief. Among them are Texas, Missouri, New Jersey, Oklahoma, Louisiana and Florida.

In rural Texas, some lucky motorists are getting the rock-bottom price of $2.70 per gallon.

The site added that a handful of other states, including Alabama, Ohio, Pennsylvania and North Carolina, could see similar relief later this week.

Accoridng to GasBuddy data, the national average for regular gasoline has fallen 9 cents in the last month to $3.34, and is nearly 50 cents cheaper than the comparable period in 2012.

The data come at a time when current trends favor lower gas prices. The end of the peak summer driving season has led to lower demand for fuel, and U.S. gas supplies are abundant. Last month, AAA said retail gas prices fell at their fastest rate in nearly a year, pushing the national average to its lowest levels since January.

Meanwhile, global oil prices—which in August vaulted to a 2013 high near $116—have since retraced those gains. On Monday, Brent crude traded within view of $110.

—By CNBC's Javier E. David.

Contact Economy

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More