Subscribe

Gas prices near record lows. Which US city has the cheapest? (+video)

Gas prices are the lowest they've been in four years. The highest US gas prices are in San Francisco, while commuters in one Southern city are paying just $2.73 a gallon. 

  • close
    An American flag flies at a gas station advertising discounted gas prices at $2.99 per gallon, with the purchase of a car wash in Lynnwood, Wash.
    Elaine Thompson/AP
    View Caption
  • About video ads
    View Caption
of

If you're reading this while preparing for you morning commute, take solace in the fact that it's likely costing you a little less to drive to work than it did at this time last year.

Gasoline prices are as low as they've been in four years, although not quite matching the low prices seen in 2010, according to the latest Lundberg survey (via CNBC) of fuel prices.

As of October 24, the average price of gasoline was down 18 cents to $3.08 a gallon.

Recommended: Gas prices: 5 reasons they rise and fall

Researchers say that's the lowest prices have been since December 2010, and it's all thanks to a steep drop in crude-oil prices.

There have been ample supplies and weak demand for crude oil over the past four months, driving prices down.

Of course, what you'll actually pay depends somewhat on where in the country you live.

The survey found that San Francisco had the highest gas prices, with an average of $3.45 per gallon, while Memphis had the lowest, with drivers there paying an average of $2,73 per gallon.

Prices are down 29 cents compared to the same time a year ago, and have continued to decline since May, when they hit a year-high $3.72 per gallon.

The current price drop follows steep declines witnessed around Labor Day, also linked to a drop in crude-oil prices ahead of Autumn, typically a period of reduced oil buying.

Lower gas prices are good news for consumers, but not necessarily for makers of fuel-efficient cars.

While gas prices are low, sales of green cars tend to drop as well. because saving fuel becomes less of an economic benefit for buyers.

That's because, in the end, many potential green-car buyers are more concerned about a different kind of green: cash.

The Christian Science Monitor has assembled a diverse group of the best auto bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link in the blog description box above.

About these ads
Sponsored Content by LockerDome
 
 
Make a Difference
Inspired? Here are some ways to make a difference on this issue.
FREE Newsletters
Get the Monitor stories you care about delivered to your inbox.
 

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK