Gas prices have recently seen a significant decline across various regions in the United States, with notable drops reported in Minnesota, Binghamton, South Carolina, and Rhode Island. In Minnesota, as of November 13, 2024, gas prices have fallen below $3 a gallon for the first time in nearly two years, with the statewide average now at $2.97. In Rochester, prices have dropped to $2.99 or lower, down from $3.05 just weeks prior. This marks a 20-cent decrease since mid-October 2024, with the lowest price recorded in the state being $1.65 in April 2020 and the highest at $4.75 on June 15, 2022. The national average currently stands at $3.07, with expectations that it may drop below $3 for the first time since May 2021, according to Curt St. John from Quick Country 96.5.
In the Binghamton area, gas prices have also dipped below $3 a gallon, with prices at SNK Fuels at $2.959 and Scott Smith and Sons at $2.989. This represents a significant decrease of 60 cents per gallon compared to last year, when average gas prices in Binghamton were $3.801. As of November 1, 2024, the average gas price in Binghamton is now $3.201, reflecting a positive trend for local motorists who have expressed satisfaction with the price drop. This information was reported on November 4, 2024, by Bob Joseph from WNBF News.
In South Carolina, gas prices have fluctuated, with a recent drop of 2.9 cents per gallon in the last week, averaging $2.79. This is 5.7 cents higher than a month ago but 15.6 cents lower than a year ago. The cheapest station in South Carolina is priced at $2.30 per gallon, while the most expensive is $3.39. Gas prices have varied significantly over the past decade, with the highest recorded price being $3.07 per gallon in January 2014. According to Patrick De Haan, head of petroleum analysis at GasBuddy, the national average may briefly fall below $3 per gallon due to rising gasoline inventories putting downward pressure on prices.
In Rhode Island, the average price for a gallon of regular, unleaded gasoline rose by 3 cents last week, reaching $3.04 per gallon. This price is 6 cents lower than a month ago and 37 cents lower than on January 29, 2023. Rhode Island's average gas price is currently 6 cents lower than the national average of $3.10 per gallon. The national average price of gasoline has fallen 3.5 cents in the last week, averaging $3.44 per gallon, which is down 5.6 cents from a month ago and 37.2 cents lower than a year ago. Patrick De Haan expects gasoline prices in most states to gently decline in the week ahead, although geopolitical tensions and economic uncertainties may impact future trends.
In Southeast Saskatchewan, gas prices have recently rebounded over $1.50 per liter, attributed to economic weakness and falling oil prices, particularly due to China's struggling economy. The seasonal decline in gasoline demand as summer ends and schools reopen, along with the transition to cheaper winter gasoline, is also affecting prices. Diesel prices are expected to rise with increased demand for heating oil. Hurricane Francine threatened oil refineries but had minimal long-term impact. Economic uncertainty in the U.S. and potential interest rate cuts by the Federal Reserve could further influence future gas prices.