Gas Prices Drop for 48th Straight Day



gas prices have steadily declined

The average price of a gallon of gasoline across the country has gone down for the 48th consecutive day since rising to a record of $ 5.016 in June, dropping to 4.212 a gallon on Monday, August 1, 2022, according to figures from the American Automobile Association (AAA).

Monday saw a 14-cent decrease in the price of regular gasoline from last week’s $4.355 gas prices, and down by over 60 cents from a month ago. Around this time last month, the average price for a gallon of gas was $4.842. Last year a gallon of gas was $3.173.



Gas Prices Decreasing an Average of 10 Cents a Week

For 48 consecutive days, gas prices have steadily declined by an average of 10 cents, offering some relief at the pump for consumers. This week saw gas prices range from as high as $5.611 to a low of $3.724.

California continues to experience the highest gas prices in the nation with the average gas price of gas going $5.611 a gallon at the pump. Despite the steep price, it is an improvement from last week’s 5.732 a gallon and even from June’s $6.438 a gallon. Counties in California continue to show the priciest gas prices with Trinity, Modoc, Mono, Alpine, and Inyo counties all selling a gallon of gas above $6.

Highest Gas Prices

State Regular Mid-Grade Premium Diesel 
California5.6065.8085.9546.44
Hawaii5.4425.665.8946.068
Alaska5.0935.2795.4855.738
Nevada5.0795.3365.5295.375
Oregon5.075.2785.4796.014

Like California, the states of Hawaii, Alaska, Oregon, Nevada, and Washington continue to see average gas prices above the $5 mark but have also seen the average price for a gallon of gas go down by 10 cents.



States with the least expensive gas prices across the nation include Texas, South Carolina, Georgia, Mississippi, Tennessee, and Arkansas. These states saw a regular gallon of gas going for under $3.80.

Lowest Gas Prices 

State Regular Mid-Grade Premium Diesel 
Texas3.714.0774.4064.741
South Carolina3.7364.1184.4614.902
Georgia3.7614.1544.5164.994
Oklahoma3.7734.1334.3644.771
Arkansas3.7744.1624.4744.93

States such as Kansas, Colorado, Ohio, Nebraska, Indiana, Iowa, and Michigan have all seen their gas prices go down by over 20 cents since last week. While Vermont, Connecticut, and Massachusetts saw modest decreases with gas prices at the pump going down by 5 cents or less.

Prices May Go up As Demand Increases

Despite the encouraging decline in the national average price for a gallon of regular gasoline renewed demand for gas might push gas prices to go higher or slow its decline.



Gas Price Trends

 RegularMid-GradePremiumDieselE85
Current Avg.4.2124.6514.9525.2793.468
Yesterday Avg.4.224.6674.9665.2913.479
Week Ago Avg.4.3554.8065.1035.4123.664
Month Ago Avg.4.8425.2645.5595.764.093
Year Ago Avg.3.1733.5223.7953.2842.657

According to data from the Energy Information Administration (EIA), gas demand increased from 8.52 million barrels a day to 9.25 million barrels a day last week. The increase in demand could add new pressure on pump prices and slow the price decreases if the trend holds. In addition, domestic gasoline stocks are also decreasing indicating a further tightening of supplies.

State Gas Prices August 1, 2022

State Regular Mid-Grade Premium Diesel 
Alaska5.0935.2795.4855.738
Alabama3.7894.1964.5574.997
Arkansas3.7744.1624.4744.93
Arizona4.4974.7935.0585.291
California5.6065.8085.9546.44
Colorado4.44.7555.0515.147
Connecticut4.3434.8375.2095.485
District of Columbia4.5335.15.4295.652
Delaware4.094.5494.8255.121
Florida3.9194.3444.6695.138
Georgia3.7614.1544.5164.994
Hawaii5.4425.665.8946.068
Iowa3.8674.14.5774.932
Idaho4.9065.1485.355.497
Illinois4.6335.1155.4855.429
Indiana4.1634.5824.9175.555
Kansas3.8364.124.4214.875
Kentucky3.834.2514.5885.173
Louisiana3.824.2024.5574.881
Massachusetts4.4724.9585.255.565
Maryland4.1834.6714.9475.197
Maine4.5744.9665.2825.574
Michigan4.2214.6775.0255.545
Minnesota4.1524.5224.8745.244
Missouri3.8474.1814.4884.882
Mississippi3.7794.1534.4934.883
Montana4.4314.715.0075.217
North Carolina3.8934.2834.6395.166
North Dakota4.1354.4574.8485.047
Nebraska4.014.1844.6914.926
New Hampshire4.3424.7945.1195.547
New Jersey4.3924.9335.1795.388
New Mexico3.9914.3174.5865.042
Nevada5.0795.3365.5295.375
New York4.5164.9395.275.713
Ohio3.9384.3594.7065.523
Oklahoma3.7734.1334.3644.771
Oregon5.075.2785.4796.014
Pennsylvania4.4684.8465.1145.624
Rhode Island4.4164.9355.2495.563
South Carolina3.7364.1184.4614.902
South Dakota4.1774.4024.8995.053
Tennessee3.7814.154.5144.987
Texas3.714.0774.4064.741
Utah4.8175.0375.2365.2
Virginia3.9924.4324.7575.181
Vermont4.4934.9835.3865.288
Washington5.0135.2375.4285.977
Wisconsin3.8934.3234.724.987
West Virginia4.3194.6274.875.546
Wyoming4.414.6394.8675.288

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Image: Depositphotos



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Samson Haileyesus Samson Haileyesus is a staff writer for Small Business Trends and has several years of progressive experience in media, communication and PR working with government, NGOs and private sector. He is passionate about public outreach, branding, media relations and marketing.

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