Gas prices are falling, but this year saw record high prices

Gas prices have been falling over the past month with the nationwide average hitting $3.391 a gallon today, according to Yet prices are still higher than they were a year ago when the national average was $3.297.

Last week, it was reported that this year gas prices reached record-high levels at an average price of $3.63 a gallon so far this year. Last year, saw a record-high average gas price of $3.51.

“There’s no question that the national numbers were elevated by major supply problems in California over the summer and more recently on the East Coast when Hurricane Sandy delivered major flood damage and power outages at northeastern refineries,” said Gregg Laskoski, a analyst.

According to CNBC, gas prices are likely to remain volatile and continue to vary widely from state to state.

“California, New York, and Connecticut are among the states that saw prices top $4 a gallon this year, while prices in some areas in the South and Midwest are now below $3,” according to CNBC.

In California, the price of gas is falling, but still remains high above the national average at $3.674 according to data. The highest price reported in the state within the last 36 hours was at $5.39 a gallon at a 76 station in Cupertino, Calif.

Prices in New York are even higher — hitting $3.835 — but are falling as well. The highest reported price within the last 36 hours in the Empire State was $4.99 a gallon at a Sunoco station in Queens, New York.

On the low end stands states like Oklahoma and Texas where prices are $3.113 a gallon and $3.117 a gallon, respectively.

The highest average state gas price is Hawaii — at $4.00 a gallon.

Prices are expected to decline slightly throughout December, but unlikely to fall far their record highs. More gasoline production is also expected next year as many refining units restart and return into service.

“In 2013, the return and restart of major refinery units from the East to West coasts, and particularly along the Gulf of Mexico, will add more refining capacity, enabling the production of more gasoline,” reports CNBC.

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