Cities With the Lowest Gas Prices

The statewide average price for a gallon of gas is now $1.89, whereas the national average is $2.13, and it looks like it may soon get even cheaper. Colorado’s average price was $2.19.

According to GasBuddy late Thursday afternoon, Murphy USA in Plainview had regular unleaded priced at 1.74 per gallon. The streak of dropping prices is the longest since a 25-day streak from February 1-25.

The biggest declines the past month have been in the middle of the country, where prices have fallen 20 cents or more per gallon in Illinois, Indiana, Kentucky, Michigan, Missouri and Ohio. It is 6.7 cents less than one week ago, 16.5 cents lower than one month ago and $1.335 below what it was one year ago.

Analysts expect pump prices will to continue to fall, barring any interruptions to the supply of oil or gas.

Moody’s Investors Service issued a report last week that indicated largest US and Canadian oil exploration and production (E&P) companies are still paying their executives to focus on increasing production and replacing reserves instead of conserving capital or reducing debt, despite low oil prices. It’s easier for gas stations to set their price and make a profit when prices are going down, so the gap between the cheapest and most expensive gas in town can be more than 40 cents.

The statewide average gas price for Thursday is higher at $2.18 a gallon.

About three months have passed since the last time prices were that low, but a sharp drop has occurred in the past month.

Stocks of gas and crude oil remain at near record levels. In addition, regional prices could increase due to refinery problems, production cuts, stronger than anticipated demand, or hurricanes that impact distribution and production.