Gas prices, on largest slide in years, will continue to fall

A man fills up his car with gas. A man fills up his car with gas. The national average price of gas per gallon has fallen 47 cents year-over-year as of Oct. 9, 2013. Photo Credit: Cars.com

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Sure, the federal government has been shut down for more than a week, but look on the bright side: Gas is cheap right now and is only expected to get cheaper. By every measure — day, week, month and year — in every U.S. state and the District of Columbia, prices at the pump have fallen, and today's national average stands at $3.35 per gallon of regular unleaded gasoline. That's a nickel less than a week ago, 23 cents less than a month ago and 47 cents less than a year ago — the biggest year-over-year discount since the graduating class of 2013 started high school.

Moreover, the national average price of gas has tumbled for 36 straight days and by 25 cents, the longest streak of daily declines since fall 2008. The largest weekly price drops occurred in the Midwest and central U.S., led by discounts of more than a dime in Michigan, Indiana and Ohio; that's compared with South Carolina and Washington, D.C., where prices fell less than a penny.

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Those same Midwestern and central states also enjoyed the greatest month-over-month relief, with 10 states seeing 30-cent dips. The smallest monthly declines — less than a dime — have occurred west of the Rockies in Alaska, Arizona, Washington, Oregon, Wyoming, Idaho, Nevada and California. Still, year-over-year, California’s gas prices have dropped by a whopping 80 cents since last year, a 30-cent better discount compared with the Midwest's year-over-year figure.

And the price plummet is not expected to end there. "AAA expects that retail prices will continue lower in the coming months, as sufficient supplies, flat demand and cheaper winter-blend gasoline mean motorists are likely to pay less to fill their tanks," AAA said in a statement.

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