National Average Gas Prices at Four-Year Low for Early August

Indianapolis, IN - Aug. 5, 2014 - Yesterday, for the first time since March 12, the national average price for unleaded gasoline dropped below $3.50 per gallon ($3.4997). Today's national average is $3.490. These numbers mark the lowest overall gas price average for early August since 2010.

The national average has fallen for 38 of the last 39 days and has dropped 18 cents per gallon during that time. Today's price is three cents less than it was one week ago, 17 cents below the price one month ago and 12 cents under the cost of gas Aug. 5, 2013.

The average price of regular unleaded gas in Indiana currently stands at $3.418 which is 22 cents less than what it was one year ago today, according to AAA Hoosier Motor Club.

Motorists in Hawaii ($4.339), Alaska ($4.101) and California ($3.948) continue to pay the highest prices per gallon for regular unleaded fuel. However, last Tuesday (July 29) marked the first time since this spring (March 28) that Californians have paid an average less than $4.00 per gallon at the pump.

The retail price of gas per gallon fell in 40 states and Washington, D.C. during the last week.

While oil market watchers continue to monitor unrest in the Middle East and northern Africa, it's encouraging to note that crude oil prices, for the most part, have remained relatively stable in recent times. In fact, last Friday, West Texas Intermediate (WTI) prices reached a nearly six-month low of $97.88 per barrel--the first time WTI had settled below $100 per barrel on three straight days since early May.

AAA