Jamestown area gas prices held this week at $3.89 cents a gallon, according to AAA East Central.
The national average price of gas has fallen for 10 straight days and for the first time since June 11, the national average price for regular unleaded gasoline is reflecting a month-over-month discount. Tuesday's average was $3.65 per gallon. This price is 2 cents less than one week ago and fractions of a penny less than one month ago, but it remains 18 cents more than this date in 2013.
With Independence Day in the books, this year's holiday registered the highest price since 2008 at $3.66. This surpassed the price per gallon for the holiday from each of the previous five years: 2013 ($3.48); 2012 ($3.34); 2011 ($3.57); 2010 ($2.74); and 2009 ($2.62), but was still well below the all-time-high for the date of $4.10 in 2008.
Prices in 38 states dropped over the past week, led by a handful of states including Michigan (-10 cents), Ohio (-7 cents), Missouri (-6 cents), Kentucky (-6 cents), Illinois (-5 cents) and Minnesota (-4 cents). With high wholesale gasoline prices beginning to subside in many parts of the country, AAA expects pump prices for many U.S. motorists to continue to tick lower over the coming week.
Violence in Iraq continues to impact global oil prices, but as production in the south of the country remains unaffected, the fear of a disruption to supply has abated. Market watchers are keeping a close eye on the situation, but the risk premium that had pushed oil prices to 2014 highs has subsided in recent trading sessions. These elevated oil prices have meant stubbornly high pump prices for motorists, but as oil prices have eased retail gas prices have finally started to follow suit.
At the close of formal trading on the NYMEX on Monday, West Texas Intermediate crude oil settled 53 cents lower at $103.53.