The price of gas is one of the few bright spots in inflation

Consumers complain a lot about food prices, even though supermarket inflation has cooled significantly. Unfortunately, food prices have stabilized at levels that had risen sharply during the three years of inflation. They may not be rising, but few of them are falling.

Gasoline prices are a different story. A year ago, the national average price for regular gasoline was $3.85 per gallon, according to AAA. Today, the price is about $3.38, a savings of 47 cents per gallon.

Patrick DeHaan, who keeps an eye on the price outlook for GasBuddy, says he sees signs of further price declines. According to DeHaan, these are the states where prices have fallen the most:

• Oregon – Prices have dropped by 89 cents per gallon

• Washington – Prices have fallen by 86 cents per gallon

• Alaska – Prices have fallen by 81 cents per gallon

• Arizona – Prices have dropped by 78 cents per gallon

• California – Prices have fallen by 69 cents per gallon

Thanks to this sharp drop in prices, California is no longer the state with the highest gas prices. That honor goes to Hawaii, where the average gas price across the state is six cents higher than California.

Under $3 per gallon

AAA lists three states that are benefiting from falling prices and have brought their national average price below $3 per gallon. These states are:

GasBuddy's data shows that six states are among those where gas costs less than $3 per gallon, in addition to South Carolina, Tennessee and Louisiana.

“The war clouds overseas are less dark right now and the Atlantic is also calm now, which is easing pressure on oil prices,” said Andrew Gross, a AAA spokesman. “More and more retail locations east of the Rockies are selling gasoline for under $3 a gallon.”

The relief is welcome, but will it last? There are increasing signs that this could be the case.