Gas Prices Dropping Slightly After 3 Weeks of Increases



gas prices dropping

 

Gas prices are dropping slowly after nearly a month of increases.

According to the American Automobile Association (AAA), the average retail price of gas now stands at $3.888 on Monday, Oct 17, 2022 down from last week’s $3.919 price tag.

A lack of demand at the moment is being credited with the slight drop in price.



Gas Prices Slide After Three Weeks of Increase

Despite gas prices going down by an average of three cents, they remain far higher than the $3.682 mark this time last month and even higher than last year’s price of $3.319.

Across the nation, gas prices fluctuated from as high as $ 6.059 to a low of $ 3.253. Over the past week, gas prices have seen prices go up from 25 cents to less than one cent across the nation.

Since last Monday, these states which have the most expensive high gas prices have seen prices going down, California (-27 cents), Alaska (-12 cents), Oregon (-18 cents), Nevada (-17 cents), Washington (-14 cents), Arizona (-10 cents), Idaho (-1), Illinois (-7 cents) and Michigan (-15 cents). The state of Hawaii has seen a continued rise in gas prices over the past week with gas prices retailing on average at $5.223 up from $5.216. As has been the case for a while now California has the most expensive gas price with the average retail price for a gallon of gas going for $ 6.059 down from last week’s $6.330. The Californian County of Alpine has the highest gas price of 7.799 a gallon.



Highest Gas Prices

State Regular Mid-Grade Premium Diesel  
California6.086.316.4476.647
Alaska5.4445.6755.8485.43
Oregon5.3585.6085.7915.717
Nevada5.2735.5315.7365.604
Washington5.2715.525.6965.733

The states of Georgia, Mississippi, Texas, Louisiana, Florida, South Carolina, Tennessee, and Alabama have the cheapest gas prices across the nation. Even though they saw gas prices rising between two cents and eight cents in just one week. Georgia offers the cheapest gas price of $3.253 across the US. The county of Schley in Georgia has the cheapest gas price from across the nation with a gallon of gas retailing for $3.099.

Gas prices in Montana, North Carolina, Arkansas, and Idaho remained steady with prices remaining stable with prices going down by an average of five cents. The same can be said for the District of Columbia, Hawaii, and South Carolina despite seeing a modest increase in gas prices of less than one cent in just a week.

Lowest Gas Prices



State Regular Mid-Grade Premium Diesel  
Georgia3.2563.6314.014.819
Texas3.3013.6714.0084.799
Mississippi3.3313.6834.0464.858
South Carolina3.3773.7464.0944.965
Arkansas3.3823.7444.084.934

Why are gas prices going down?

According to the latest Energy Information Administration statistics, gas demand decreased nationally from 9.47 million barrels a day to 8.28 million barrels a day while domestic gasoline stocks shot up by 2 million barrels to 209.5 million barrels.

Gas Price Trends

 RegularMid-GradePremiumDieselE85
Current Avg.3.8884.3424.6545.2843.201
Yesterday Avg.3.8884.3484.6595.2713.207
Week Ago Avg.3.9194.374.6815.0643.225
Month Ago Avg.3.6824.1314.4424.9653.021
Year Ago Avg.3.3193.6563.9313.5382.835

Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average going down. Crude oil demand is also projected to go down with ongoing COVID lockdowns in China contributing to concerns that oil demand may further drop and push prices lower.

State Gas Prices October 17, 2022



State Regular Mid-Grade Premium Diesel  
Alaska5.4445.6755.8485.43
Alabama3.4373.8234.1944.97
Arkansas3.3823.7444.084.934
Arizona4.4734.7985.0645.344
California6.086.316.4476.647
Colorado3.6994.0324.3375.044
Connecticut3.4914.0044.4075.61
District of Columbia3.8174.4084.8165.18
Delaware3.6714.0964.3895.328
Florida3.4033.7984.1125.157
Georgia3.2563.6314.014.819
Hawaii5.2145.4495.686.114
Iowa3.6543.9224.3795.045
Idaho4.4074.5954.8255.187
Illinois4.3364.8135.2215.355
Indiana4.0844.5394.9245.504
Kansas3.5023.7794.0855.039
Kentucky3.4853.894.2495.105
Louisiana3.4013.7844.1394.886
Massachusetts3.6014.1544.4635.436
Maryland3.7544.254.5365.339
Maine3.6594.0144.3845.534
Michigan4.2074.6975.1195.474
Minnesota3.7544.0714.4435.154
Missouri3.4663.714.0464.978
Mississippi3.3313.6834.0464.858
Montana4.0624.3414.615.178
North Carolina3.5043.8644.2245.014
North Dakota3.7154.0284.4045.16
Nebraska3.6323.8444.2915.006
New Hampshire3.5173.9934.3665.357
New Jersey3.6984.2324.5035.507
New Mexico3.7644.1084.3894.992
Nevada5.2735.5315.7365.604
New York3.6764.1134.4665.487
Ohio3.8134.2314.6275.449
Oklahoma3.523.8344.0724.913
Oregon5.3585.6085.7915.717
Pennsylvania3.9544.3134.5865.668
Rhode Island3.5444.1464.4285.548
South Carolina3.3773.7464.0944.965
South Dakota3.7893.9664.4285.049
Tennessee3.3833.7554.1215
Texas3.3013.6714.0084.799
Utah4.2124.4254.6265.12
Virginia3.573.9824.3065.106
Vermont3.7964.334.7485.51
Washington5.2715.525.6965.733
Wisconsin3.774.2164.6285.15
West Virginia3.5673.8464.1145.308
Wyoming3.9074.1244.3945.214

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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.

One Reaction
  1. I wouldn’t bank on consistent price decreases, but hopefully we can get out of the $4 range this winter.

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