LAS VEGAS - Silver State motorists are currently experiencing yet another drop in gasoline prices statewide, according to AAA Nevada fuel gauge monthly gas survey. The state average price of a gallon of unleaded regular gasoline is $3.40. All metro areas are moving downward with the most significant decrease registering in North Las Vegas with a 30-cent decrease, since AAA's last fuel gauge report on Aug. 2.
A survey of 13 gas stations in Winnemucca on Tuesday afternoon found a low of $3.16 a gallon and a high of $3.39 a gallon. The average price of gas in town was $3.21, which is 35 cents lower than September's average and 35 cents less than the October 2013 average.
In all Nevada metro areas tracked by AAA, North Las Vegas is registering the state's lowest pump price, with drivers paying an average price of $3.32 per gallon for unleaded regular gas. Reno registers Nevada's highest price, at $3.55 a gallon. The highest price of gas ever recorded in Nevada was in June of 2008, at $4.27 per gallon of unleaded regular.
"Low demand combined with abundant supply has kept downward pressure on global oil prices." said Cynthia Harris, AAA Nevada spokesperson. "With the increasing growth of oil production in the United States, the switch-over to the winter blend gasoline, and reduced consumption of fuel by consumers , gas prices this year have remained low and could continue to drop as we approach the holiday season."
The national average price for regular unleaded gasoline has fallen for 19 straight days, reaching today's price of $3.19 per gallon. This price represents a new 2014 low. The average price is 24 cents less than AAA's last monthly gas report on Sep. 9, 2014.
The impact of falling oil prices has many in the oil market wondering whether the Organization of Petroleum Exporting Countries (OPEC) will alter production in order to push oil prices higher. OPEC members are scheduled to meet at the end of November. Additionally, while violence continues in Iraq, market watchers still assess the threat to oil production to be relatively limited.
West Texas Intermediate (WTI) crude oil settled eight cents lower at $85.74 per barrel at the close of formal trading on the NYMEX. This is fifth consecutive settlement below $90 per barrel and the lowest price since December 2012.
To get the best mileage possible, AAA recommends keeping tires at the recommended pressure suggested by the vehicle manufacturer, performing routine maintenance and making sure fluids are clean and belts and hoses are in good repair. The way consumers drive may also have an impact on fuel economy: smooth driving helps avoid sudden stops and starts; combining trips or lightening car loads also helps conserve gasoline.
One way consumers can reduce the amount of money they spend on fuel is to shop aggressively for the lowest price. AAA offers text alerts via mobile phone for low gas prices in your area. Consumers may start saving today by signing up at aaa.com/gas.
The AAA Fuel Gauge Report is the most comprehensive retail gasoline survey available, with over 100,000 self-serve stations surveyed every day, nationwide. Data is provided in cooperation with OPIS Energy Group and Wright Express, LLC.
AAA Nevada offers a wide array of automotive, travel, insurance, DMV, financial services and consumer discounts to more than 365,000 members. AAA has been a leader and advocate for the safety and security of all travelers since it was founded 114 years ago.[[In-content Ad]]
