Here's where gas prices have fallen the most

Lina Portman4 weeks ago

0 3 minutes read

Top line

The national average price of a gallon of gasoline fell to just over $3.40 this week, a welcome reprieve for drivers as summer approaches and a drop in the ocean from the all-time high reached a year ago. two years ago, when demand was below normal and declining. oil prices help relieve the pump.

The national average price of a gallon of gasoline fell to $3.42 this week, a welcome reprieve … [+] for drivers preparing for summer.

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Highlights

Drivers pay an average of just over $3.42 as of Tuesday, according to GasBuddy data, while AAA pegs the national average at $3.44, although the price by state fluctuates widely, by nearly $5 on the West Coast to less than $3 in some southern states.

The nation's cheapest gas is found in the southeastern and southern Great Plains states, where low gas taxes help keep prices below the national average, led by Mississippi (2, 92), Arkansas ($2.96), Oklahoma ($2.97), Texas ($2.99) and Tennessee ($3.01).

Prices in the South and Great Plains have seen a steady decline in recent weeks, falling as much as 29 cents over the past month in Kentucky (to $3.14), 22 cents in Alabama (to $3.10) , 21 cents in Texas and 18 cents in Texas. Missouri (at $3.07).

Some of the biggest price drops occurred in the Southwest and West Coast, while in Alaska the average fell 39 cents over the past month and four cents over the past year to fall just below $4 per gallon.

California, often the most expensive state for gas, also saw a significant drop of 38 cents at the pump over the past month, falling to $4.91, while Nevada saw the same drop at $4.91. 08 dollars.

Gas prices fell 33 cents over the past month in Utah (to $3.46), 27 cents in Arizona (to $3.69), 27 cents in Oregon (to 4, 15 dollars), 27 cents in Indiana (at $3.34) and 26 cents in Washington (at $4.39).

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Large number

$425 million. That's how much Americans' weekly gasoline spending is expected to fall compared to the same period last year, according to Patrick De Haan, chief oil analyst at GasBuddy, who expects the price decline to continue. extends ahead of the busy July 4th weekend.

Surprising fact

The price drop comes at a time of year when gas prices typically skyrocket, driven by growing demand for the fuel in the United States. Retail gasoline demand increased 2.7% in the week ending June 8, according to GasBuddy. The Energy Information Administration also recorded a rise in demand during the week ending May 31, from 9.03 million barrels per day to 9.07 million barrels during that period, although the AAA spokesman Andrew Gross said this year's “tepid gasoline demand” was slightly below target. pace observed in past years, cooling gas prices. Meanwhile, two factors countering growing demand are high gasoline supply and stagnant oil prices. International benchmark Brent Crude has fallen more than 4% over the past month to just below $80 a barrel, while West Texas Intermediate, a national benchmark, has held steady just in below 78 dollars per barrel.

Contra

Only Colorado saw a slight increase in gas prices over the past month, with the average cost increasing three cents over the past month to $3.23, although it fell 26 cents over the past month. during the past year. Gas prices have increased slightly year over year in several states, climbing two cents over the past year in Georgia (to $3.29), nine cents in Maryland (to $3.53 dollars) and three cents in Virginia (at $3.33) during the same period. period – all three states saw minor declines over the past month.