For Sale
Finance News

Gas Prices Go Down to March’s Level

Average gasoline prices in the US have fallen to $3.901 a gallon down from last week’s $3.956, according to the American Automobile Association (AAA). The average gas price has shown a steady decline in over two months offering some relief to drivers after gas prices surpassed $5 per gallon in June.

It has been two weeks since the average gas price fell below $4 a gallon, reaching its lowest level since March this year.

Gas Prices Go Down

Across the national average state gas prices ranged from as high as $6.536 (Mono, California) to as low as $3.131 (Cameron Texas).

West Virginia, Florida, Maine, and new jersey saw their gas prices dropping by over ten cents in just a week. While Oklahoma, Wisconsin, Texas, and Illinois showed a marginal reduction in gas prices from last week.

Lowest Gas Prices

State  Regular  Mid-Grade  Premium  Diesel 
Arkansas 3.406 3.764 4.095 4.635
Mississippi 3.422 3.775 4.135 4.602
Georgia 3.427 3.823 4.191 4.675
Texas 3.436 3.797 4.127 4.502
Tennessee 3.443 3.817 4.175 4.68

As has been a continued trend California continues to see the highest average gas price which currently is at $5.325 a gallon. Counties in California such as Inyo, Sierra, Lassen, Modoc, Humboldt, Trinity, and Del Norte have gas prices sitting beyond the $5.60 mark. Like California, Hawaii, Nevada, Alaska, and Oregon have the highest gas prices surpassing the $4.60 mark.  These states still see high gas prices despite prices showing dips ranging from two to four cents from last week.

Highest Gas Prices

State  Regular  Mid-Grade  Premium  Diesel 
California 5.324 5.522 5.672 6.224
Hawaii 5.316 5.548 5.777 6.089
Nevada 4.915 5.159 5.362 5.146
Alaska 4.867 5.048 5.259 5.327
Oregon 4.829 5.021 5.225 5.657

While Texas, Arkansas, Tennessee, and Oklahoma are the states enjoying cheap gas prices with average gas prices at or below $3.50

Could Gas prices continue to Slide?

The national average cost of a gallon of regular gasoline now stands at $3.90. Though still higher than $3.16 from a year ago it is however below a peak of nearly $5.06 in mid-June.

The continued decline in gas prices comes as a relief to motorists. Late May and early June saw record spikes in gas prices prompting projections of a never-ending rise in fuel prices. The decline comes as the federal government released additional gas into the market, global fuel demand declined due to high prices and a strong U.S. dollar making oil more expensive elsewhere.

Gas Price Trends

  Regular Mid-Grade Premium Diesel E85
Current Avg. 3.901 4.331 4.639 4.977 3.19
Yesterday Avg. 3.904 4.342 4.649 4.982 3.194
Week Ago Avg. 3.956 4.392 4.696 5.033 3.218
Month Ago Avg. 4.413 4.867 5.16 5.455 3.739
Year Ago Avg. 3.163 3.519 3.794 3.283 2.642

As things stand gas prices are stabilizing and will probably continue to go down provided that there are no interruptions in the supply of gas. Currently, the nation is seeing gasoline inventories growing to allow for some cushion from rising gas prices.

On the consumer side, declining gas is offering households much-needed breathing room but many have yet to go on the road. “Falling pump prices may eventually lead to more drivers hitting the road again. But that hasn’t happened yet. Instead, many drivers are waiting for prices to fall further before reverting to their typical driving habits/”, said Andrew Gross, AAA spokesperson.

State Gas Prices August 22, 2022

State  Regular  Mid-Grade  Premium  Diesel   
Alaska 4.867 5.048 5.259 5.327
Alabama 3.471 3.855 4.235 4.705
Arkansas 3.406 3.764 4.095 4.635
Arizona 4.041 4.33 4.604 4.942
California 5.324 5.522 5.672 6.224
Colorado 3.898 4.251 4.554 4.81
Connecticut 4.019 4.556 4.921 5.137
District of Columbia 4.104 4.626 5.051 5.176
Delaware 3.8 4.314 4.58 4.793
Florida 3.528 3.937 4.261 4.715
Georgia 3.427 3.823 4.191 4.675
Hawaii 5.316 5.548 5.777 6.089
Iowa 3.545 3.815 4.263 4.68
Idaho 4.647 4.881 5.097 5.163
Illinois 4.254 4.742 5.123 5.099
Indiana 3.906 4.319 4.662 5.192
Kansas 3.481 3.755 4.055 4.589
Kentucky 3.5 3.897 4.237 4.846
Louisiana 3.457 3.828 4.177 4.605
Massachusetts 4.169 4.696 4.989 5.225
Maryland 3.886 4.401 4.672 4.871
Maine 4.162 4.552 4.884 5.191
Michigan 3.901 4.287 4.658 5.239
Minnesota 3.829 4.19 4.538 4.942
Missouri 3.467 3.803 4.101 4.586
Mississippi 3.422 3.775 4.135 4.602
Montana 4.201 4.504 4.771 4.802
North Carolina 3.593 3.971 4.321 4.886
North Dakota 3.887 4.216 4.611 4.786
Nebraska 3.671 3.879 4.325 4.699
New Hampshire 4.037 4.512 4.854 5.156
New Jersey 4.064 4.616 4.875 5.011
New Mexico 3.655 3.932 4.223 4.746
Nevada 4.915 5.159 5.362 5.146
New York 4.248 4.692 5.023 5.401
Ohio 3.65 4.033 4.383 5.167
Oklahoma 3.513 3.847 4.101 4.552
Oregon 4.829 5.021 5.225 5.657
Pennsylvania 4.219 4.6 4.865 5.334
Rhode Island 4.086 4.672 4.958 5.159
South Carolina 3.463 3.84 4.191 4.669
South Dakota 3.863 4.045 4.545 4.786
Tennessee 3.443 3.817 4.175 4.68
Texas 3.436 3.797 4.127 4.502
Utah 4.533 4.749 4.951 4.896
Virginia 3.692 4.128 4.45 4.897
Vermont 4.217 4.713 5.128 5.008
Washington 4.776 4.969 5.173 5.567
Wisconsin 3.678 4.083 4.492 4.755
West Virginia 3.881 4.15 4.421 5.112
Wyoming 4.014 4.231 4.501 4.918

Image: Envato Elements

This article, “Gas Prices Go Down to March’s Level” was first published on Small Business Trends

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button