The national average gas price across the US continues its dip on Monday, September 12, 2022, reaching $3.716. This is a drop of more than 6 cents in just one week, according to the American Automobile Association (AAA). This week’s trends follow more than two months of gradual decline in gas prices after reaching a record high of $5.016 in June.
Gas Prices Drop for Over two Months
The average gallon of gas price is currently 6 cents less than one week ago and 21cents lower than one month ago, but still 66 cents shy of the $ 3.175 price tag a year ago. Across the nation, gas prices fluctuated from as high as $5.405 to a low of $ 3. 144. Over the past week, gas prices have seen prices go down from 17 cents to 2 cents across the nation.
California continues to experience the highest gas prices in the nation with the average gallon of gas price going for $5.405 a gallon at the pump, up by 2 cents from last week. It remains the state with the most expensive gas price eclipsing the national average by $1.68. Some counties in California continue to see steep gas prices above the $ 5.60 mark while Mono county has the most expensive gas price with a whopping $ 6.429 for a gallon of gas.
Highest Gas Prices
Similarly, 21 other states continue to see gas prices above the current national average of $3.716 a gallon. Hawaii, Alaska, Nevada, Oregon, and Washington continue to see average gas prices above the $4.60 mark. Despite gas prices going down in most states Hawaii, California, and Nevada have seen their gas prices go up by between 6 to 10 cents in just over a week.
The states with the cheapest gas prices across the nation include Arkansas, Texas, and Mississippi with a gallon of gas price falling below last year’s national average of $ 3.175. The average gallon of gas in Arkansas is $3.161 while Mississippi and Texas go for 3.158 and 3.144 respectively.
Lowest Gas Prices
In terms of price decline Maryland, Delaware, and Connecticut have seen their gas prices go down by more than 15 cents points.
Could We See Gas Going Down Further?
Gas prices continue to see drops for most states except for some particularly Hawaii, Californian, Alaska, and Nevada which continue to see gas prices above the national average. According to new data from the Energy Information Administration (EIA), gas demand last week increased slightly from 8.59 million barrels a day to 8.73 million barrels a day with domestic gas stocks rising by 300,000 barrels to reach 214.8 million barrels.
Gas Price Trends
|Week Ago Avg.||3.786||4.218||4.528||5.068||3.102|
|Month Ago Avg.||3.978||4.426||4.721||5.06||3.253|
|Year Ago Avg.||3.175||3.531||3.806||3.295||2.656|
Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day, pump prices will likely continue to decrease.
State Gas Prices September 12, 2022
|District of Columbia||3.84||4.432||4.824||5.077|
Image: Envato Elements
Now that we’re past the summer travel season (post Labor Day) I would anticipate the trend to continue because people will be driving less.