Just two weeks ago, we read a number of headlines reporting that the national average price for a gallon of gasoline was above $3 for more than 1,000 straight days. While the price of gasoline is still well above $3 per gallon ($3.385), we think it is noteworthy that the price has declined for thirty straight days. The last time the average price of gasoline rose was back at the end of August. Over that time, the price has declined 6%, falling from $3.594 down to the current level of $3.385. Compared to one year ago, the price of gasoline has declined by over 10%.
From a longer term perspective, the current losing streak for gasoline is the fourth time since 2004 that the price has declined for 30 or more days. The last streak was also 30 days, lasting from June through July of 2009. Before that, you have to go back to the summer of 2007, when the price of gasoline declined for 32 straight days. The longest streak, though, occurred back in 2006 when the average price of gasoline went from mid-August to mid-October without an up day.