(June 20, 2017) Consumers can find gas for less than $2.24 a gallon at 56 percent of gas stations nationwide, which is below the current national average price of $2.29 a gallon, according to weekly statistics by AAA. Across the country, gas prices dropped in all but four states this past week.

Prices in South Carolina have fallen below $2/gallon, while California is on the cusp of dropping below $3/gallon. The national average gas price has dropped for 17 consecutive days making Monday's price five cents cheaper than both one week and one year ago, and six cents less than one month ago.

AAA reports that while gasoline demand saw new heights for Memorial Day, it has dropped for the first half of June. Meanwhile, high oil production rates in the U.S., coupled with news from the Organization of the Petroleum Exporting Countries (OPEC) that Libya and Nigeria increased output last month, could lead to gas prices across the nation continuing to fall through the end of June.

Quick Stats

    • The nation’s top 10 markets with the largest monthly declines: Ohio (-17 cents), Indiana (-16 cents), Oklahoma (-12 cents), Michigan (-12 cents), Kentucky (-8 cents), North Dakota (-8 cents), Pennsylvania (-8 cents), South Carolina (-7 cents), New Mexico (-7 cents) and Texas (-7 cents).

The nation’s top10 markets with the cheapest gas this week include South Carolina ($1.97), Oklahoma ($1.99), Alabama ($2.03), Mississippi ($2.04), Tennessee ($2.05), Arkansas ($2.06), Missouri ($2.07), Virginia ($2.07), Louisiana ($2.10) and Kansas ($2.11).

The South and Southeast regions saw an unexpected 2.4 million barrel build up  in gasoline inventory, the largest jump on the week in the country by far. As stocks jumped, the region’s gas prices have dropped by an average of four cents.

South Carolina ($1.97) became the first state to see its average price at the pump move below $2/gallon. Other states saw similar decreases: Oklahoma ($1.99), Alabama ($2.03), Mississippi ($2.04), Tennessee ($2.05), Arkansas ($2.06) and Louisiana ($2.10).

The West region still has the most expensive gas markets in the country, but prices in this region dropped by an average of two cents in every state except Hawaii. That state saw a two cent increase and was one of only two states to see an increase on the week (the other being Utah). Monday's West Coast prices are: Hawaii ($3.06), California ($3.01), Alaska ($2.87), Washington ($2.84) Nevada ($2.70), Oregon ($2.68) and Arizona ($2.29).

Rebounding from the lowest mark of the year last week, gasoline inventories added a strong 1.5 million barrels according to the U.S. Energy Information Administration (EIA). Gasoline imports were a major player in the inventory growth, picking up 11,000 b/d. If inventory continue to gain in the region without an increase in demand, prices could continue to drop.