The national average has already shed 24 cents per gallon in the last month alone with some states seeing even bigger monthly declines: Michigan is down 33 cents, while Delaware, Iowa, Indiana and Kentucky are all down 32 cents on average versus a month ago.
Today's drop in oil prices will extend the decline in gas prices for perhaps several more weeks in nearly all states, at a time of year millions of Americans are preparing to hit the road. Most states could see a decline of 5 to 15 cents per gallon ahead of Thanksgiving, with more to come.
"Today's market plunge was astounding and a dramatic turnaround in market psyche in the last month. A 26-percent drop in the price of oil is absolutely shocking given the environment and concern ahead of the Iran sanctions that the oil market was not supplied with enough oil," said Patrick DeHaan, head of petroleum analysis at GasBuddy. "Motorists need not be in a hurry to fill their tanks. Today's sell-off will extend and accelerate the declines seen at the pump, just in time for Thanksgiving. The best tip I can suggest is to shop around for the lowest prices as some stations will pass on the savings faster than others."