Gas still cheaper than a year ago

FORT WAYNE, Ind. (WANE) Average retail gasoline prices in Fort Wayne have risen 8.7 cents per gallon in the past week, averaging $3.08 a gallon on Sunday, October 26, 2014 according to GasBuddy’s daily survey of 201 gas outlets in Fort Wayne. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $3.05 a gallon according to gasoline price website GasBuddy.com which provides the prices for wane.com’s Gas Gauge.

Including the change in gas prices in Fort Wayne during the past week, prices Sunday were 20.9 cents per gallon lower than the same day one year ago and are 25.7 cents per gallon lower than a month ago. The national average has decreased 28.4 cents per gallon during the last month and stands 25.9 cents per gallon lower than this day one year ago.

“You know, I wonder if gas stations will run out of 2’s to use on their signs because they can’t remember where they put them all,” said GasBuddy.com senior petroleum analyst Patrick DeHaan. “It’s been a long time since we’ve seen this many stations nationally under $3 a gallon- nearly four years. The best part is that Americans are saving a staggering amount of money- almost $110 million a day- versus what was being spent at the pump a year ago. We’re quickly approaching 70,000 gas stations in the U.S. selling under $3 a gallon versus around 7,500 stations one year ago. But while prices will continue declining in most areas across the country, there is some bad news for motorists in the nation’s midsection- mainly the Plains states- but the issue may trickle over into a few neighboring states. There has been some supply tightness surrounding seasonal refinery work that’s causing wholesale prices in that region to rise. While the problem is temporary and may last a couple weeks, we want to inform motorists in that area that they may notice prices rising, but it is a short term problem, not a long term one. For motorists everywhere else, pump prices should continue to drift lower in the week ahead,” DeHaan noted.

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