Gas prices down 6% this month

@CNNMoney June 22, 2012: 11:16 AM ET
gas prices

Click on map to check gas prices in your state.

NEW YORK (CNNMoney) -- Amid the global economic gloom, there's a ray of sunshine for summertime motorists in the U.S.: The price of gas has dropped 6% over the last month.

The national average price of unleaded gasoline fell to $3.45 per gallon, its tenth consecutive daily decrease, reported motorist club AAA on Friday. That's compared to a national average of $3.67 on May 22.

Prices haven't been this low since Feb. 1. To put things in perspective, the national average price of unleaded in the U.S. is down 66 cents, or 16%, from its record high of $4.11 on July 17, 2008.

"There's an enormous amount of production out there," said oil Dan Dicker, author of "Oil's Endless Bid: Taming the Unreliable Price of Oil to Secure Our Economy." "[But] the demand picture looks weak."

He said the weak demand -- due to Americans driving fewer miles in cars with better gas mileage - is coupled with sour reports on the economy from around the world. This includes the ongoing contraction of Chinese manufacturing, a 16.6% drop in the Philadelphia Federal Reserve's regional manufacturing index, and pessimistic comments from Federal Reserve Chairman Ben Bernanke.

The decline in gas prices has mirrored a similar descent in oil prices. Oil was trading at $78.72 per barrel on Friday, up 0.6% for the day but down 20% year to date. The last time oil was trading this low was on Oct. 4, 2011, when it closed at $75.67 per barrel. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.12%4.18%
15 yr fixed3.25%3.21%
5/1 ARM3.48%3.32%
30 yr refi4.18%4.17%
15 yr refi3.30%3.21%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Economic Calendar
Latest ReportNext Update
Home pricesAug 28
Consumer confidenceAug 28
GDPAug 29
Manufacturing (ISM)Sept 4
JobsSept 7
Inflation (CPI)Sept 14
Retail sales Sept 14
CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.