Gas prices crash? Sounds too good to be true, but this time it actually is. According to the Lundberg Survey of fuel prices, released Sunday, gas prices down 46 cents a gallon on average over the last two months.
The average price of a gallon of regular gas is $3.38, midgrade costs an average of $3.55 a gallon, and premium is $3.69. Diesel dipped two cents to $4.02 a gallon.
To put the gas prices in perspective, although the crash is good news, gas prices are still 8 cents higher than a year ago.
"This has been a true price crash," said Trilby Lundberg, publisher of the Lundberg Survey.
Of the cities surveyed in the lower 48 states, Memphis, Tenn., has the nation's lowest average price for gas at $3.04 while the most expensive gas prices are in Long Island, N.Y. at $3.85 a gallon.
The Lundberg Survey takes the averages prices of thousands of gas stations nationwide. Crude oil prices have also dropped after having risen steadily, lending impetus to the gas prices crash. Gas prices at the pump should drop even more in the coming days as refiners cut how much they're charging distributors and retailers.
According to the survey, here are average gas prices in some other cities:
- Boston - $3.59
- Baltimore - $3.34
- Atlanta - $3.27
- Baton Rouge, Louisiana - $3.11
- St. Louis - $3.05
- Salt Lake City - $3.40
- Los Angeles - $3.68
