It is anticipated that the average price for gas is going to fall this week. Oil prices have dropped considerably from the high of $115 a barrel in early May. Oil refineries are working harder making gasoline, however, we using less fuel than last May.
This is all good news for American drivers. The average price for regular unleaded gasoline has been falling to around $3.90 per gallon, yet many of us are paying above average prices.
More than a third of Americans live in just five states; California, Texas, New York, Florida and Illinois. According to AAA, the average price of regular gasoline for drivers in those states remains more than $4 per gallon. In Michigan, a gallon of regular hovered just below $4 Friday, at $3.96, down from $4.19 a week before.
There are 10 U.S. cities with over 1 million residents each. Gasoline prices in seven of those 10 cities remain over $4 a gallon. It's most expensive in Chicago. It's the cheapest in Houston and San Antonio. All three have gasoline refineries close by, so it's not solely a matter of gasoline supplies that have driven prices up.
Although average gas prices at the pumps are falling, many can plan on continuing to pay above average prices.
