Average National Gas Price Continues to Slide



gas prices continue to slide

The national average price for a gallon of gas has reached $ 3.789 dropping by 0.064 cents from last week, according to the American Automobile Association (AAA). Gas prices at the pump are moving in the right direction, with gas prices steadily falling from their peak of $5.06 in mid-June.

Across the nation, gas prices fluctuated from as high as $5.292 to a low of $ 3.280. Over the past week, gas prices have seen prices go down from 17 cents to 2 cents across the nation.

Gas Prices Continue to Slide

Vermont, Connecticut, Rhode Island, Pennsylvania. Massachusetts and Maine saw their gas prices dropping by over 14 cents in just a week. While Arkansas, Mississippi, Texas, Georgia, and Illinois showed a marginal reduction in gas prices from last week.

Despite the promising decline in gas prices some 30 states still face the pinch at the pump by being forced to pay beyond $ 3.789 for a gallon of gas. For the second week in a row, Hawaii has overtaken California as the state with the highest gas prices. This week the state of Hawaii has seen gas prices go as high as $5.626 a gallon in Kauai despite the state’s average gas price being $ 5.292. Like Hawaii, the states of California, Nevada, Alaska, Oregon, and Washington continue to see average gas prices above the $4.60 mark.

Highest Gas Prices

State RegularMid-GradePremiumDiesel 
Hawaii5.2925.5415.7566.107
California5.2645.465.6126.32
Nevada4.8435.0795.2955.225
Alaska4.7754.9725.1675.283
Oregon4.7254.9425.1475.605

The states of Arkansas, Mississippi, Texas, Georgia, Louisiana, Alabama, and Tennessee saw their average prices of a gallon of gas below the $3.40 mark.  Arkansas which has the least average gas prices saw a gallon of gas reach prices of $3.265 from $3.353 last week, slowly creeping close to last year’s gas price of $ 3.185.



Lowest Gas Prices 

StateRegularMid-GradePremiumDiesel 
Arkansas3.283.6323.9634.767
Texas3.2813.6643.9944.675
Mississippi3.2983.6564.0184.666
Louisiana3.3253.7094.0584.678
Georgia3.3363.7354.114.735

The COVID-19 pandemic in 2020 substantially reduced vehicle travel and gasoline demand, particularly in the summer of 2020. But 2021 saw less crude oil production combined with increasing demand leading to rising crude oil and gasoline prices.

In February 2022, Russia’s invasion of Ukraine contributed to additional gasoline price increases. U.S. and European sanctions on exports from Russia reduced the global availability of petroleum products, such as motor gasoline and diesel fuel. But since June a combination of increased production in the US, a stronger US dollar globally, and reduced demand for gas had helped to stabilize gas prices.

 

Why do Gas Prices Vary from State to State?

According to the Energy Information Administration (EIA), gas prices are usually the highest on the West Coast due to limited connections with other major refining centers. The Gulf Coast produces more gasoline than it consumes with the region accounting for 54% of U.S. refining capacity in January 2022.



In the Midwest, a refinery fire on August 29 at the largest refinery in the region—BP’s refinery in Whiting, Indiana, which can produce 435,000 barrels per day—has taken several of the facility’s units offline. This shutdown may contribute to an increase in gasoline prices in the Midwest.

Gas Price Trends

 RegularMid-GradePremiumDieselE85
Current Avg.3.7894.2274.5365.0723.107
Yesterday Avg.3.7964.2344.5445.0743.115
Week Ago Avg.3.8534.294.5955.053.139
Month Ago Avg.4.1394.5864.8865.2153.407
Year Ago Avg.3.1843.5333.8073.2912.663

The East Coast is the largest gasoline demand market in the United States but has relatively little refinery capacity. As a result, the region relies on gasoline from the Gulf Coast and imports from other countries to meet its consumption needs. The East Coast received more than 80% of all U.S. gasoline imports in 2021. Imports have been lower so far this year, which has led to a greater need on the East Coast for gasoline from the Gulf Coast.

State Gas Prices September 5, 2022



StateRegularMid-GradePremiumDiesel
Alaska4.7754.9725.1675.283
Alabama3.3923.7774.1714.818
Arkansas3.283.6323.9634.767
Arizona3.9684.2624.5394.995
California5.2645.465.6126.32
Colorado3.7344.0844.3864.784
Connecticut3.7474.3324.6955.177
District of Columbia3.9214.4884.9085.087
Delaware3.5764.0884.3664.774
Florida3.5353.9434.2634.833
Georgia3.3363.7354.114.735
Hawaii5.2925.5415.7566.107
Iowa3.4513.7244.1614.931
Idaho4.5254.7554.975.084
Illinois4.1244.60255.291
Indiana3.9174.3234.6895.387
Kansas3.4713.7724.0744.848
Kentucky3.4383.8284.1754.94
Louisiana3.3253.7094.0584.678
Massachusetts3.9344.4994.7975.166
Maryland3.674.1884.4614.933
Maine3.884.3114.6725.149
Michigan3.8334.2234.615.415
Minnesota3.7134.0664.4195.038
Missouri3.3863.7114.0084.821
Mississippi3.2983.6564.0184.666
Montana4.0154.294.574.923
North Carolina3.5013.8794.2344.926
North Dakota3.6874.0244.3854.893
Nebraska3.5573.7644.1944.879
New Hampshire3.8364.3584.6775.077
New Jersey3.8364.4344.6754.992
New Mexico3.6443.9814.2554.887
Nevada4.8435.0795.2955.225
New York4.0214.4954.8315.283
Ohio3.644.0234.3935.255
Oklahoma3.3783.7033.9344.732
Oregon4.7254.9425.1475.605
Pennsylvania4.0024.44.6625.314
Rhode Island3.8244.4294.7245.05
South Carolina3.4113.7954.1394.849
South Dakota3.7533.9314.3974.894
Tennessee3.3813.7664.1294.794
Texas3.2813.6643.9944.675
Utah4.3874.6054.8084.847
Virginia3.5714.0124.3374.922
Vermont3.9654.5644.925.108
Washington4.6864.925.1175.587
Wisconsin3.5794.0034.4125.032
West Virginia3.7384.0074.2615.122
Wyoming3.8884.0984.3844.917

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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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