The average cost of a gallon of regular unleaded gasoline fell for the 50th straight day Wednesday, dropping three cents to $4.16. That's a 17% decline from the record high of $5.02 on June 14, according to the Oil Price Information Service. Prices remain above $5 per gallon on average in California, Nevada, and Oregon, but even the current $5.56 average in California represents a 13% decline from June 14, per the Wall Street Journal. The average has now dropped below $4 per gallon in 19 states. CNN sees two drivers at play: falling oil prices as a result of recession concerns, and less driving on the part of Americans turned off by the prices at the pump.
The average price of gas in New York is $4.50 per gallon, for a 11% drop from June 14. Texas is now seeing the lowest average in the country at $3.67 per gallon, for a 22% drop from its high on June 15. Patrick De Haan, head of petroleum analysis at GasBuddy, tells the Journal that the national average could drop below $4 per gallon within the next week or two unless there are major disruptions—say from potential hurricanes in the Gulf of Mexico. The median price is currently $3.99, according to OPIS.