The average retail price for a gallon of gas has reached $3.677 falling by just a little over three cents in the past week, according to the American Automobile Association (AAA). Across the nation, gas prices fluctuated from as high as $5.447 to a low of $ 3.103. Over the past weeks, gas prices have seen prices go down from 13 cents to 1 cent across the nation.
Despite the Decline, Gas Prices Still Not Near last Year’s Price
The average gas price is currently 30 cents less than a month ago, but still, 50 cents shy of the $3.193 price tag a year ago. Since last week, nine states have seen the largest decreases in their gas prices: Indiana (-13 cents), Connecticut (-13), Rhode Island (-12 cents), Massachusetts (-11 cents), Ohio (-11 cents), New York (-10 cents) New Hampshire (-10 cents), West Virginia (-10) and New Jersey (-10 cents). States like Colorado, New Mexico, and North Dakota all saw modest declines in gas prices with prices at the pump going done by less than 1 cent.
Highest Gas Prices
However, not all states are seeing their gas prices decline. California continues to experience the highest gas prices in the nation with the average gallon of gas price going for $5.444 a gallon at the pump, after prices going up by 5 cents from last week. Some counties in California continue to see steep gas prices for example Mono ($6.474), Humboldt ($5.986), Del Norte (5.925), and Trinity (5.83) continue to see high gas prices- in some cases over 6o% higher than the national average. California along with Hawaii, and Nevada have gas prices reaching over the $4.90 threshold.
The states with the least expensive gas prices across the nation include Texas, Mississippi, Arkansas, Louisiana, and Georgia Tennessee all saw a regular gallon of gas going for under less than the national average of $3.677.
Lowest Gas Prices
Gas Pricing Factors
Consumers are seeing much-needed relief watching gas prices fall during the last three months, from a peak of $5.02 per gallon in June.
A major factor that had pushed gasoline prices to reach record highs was a surge in oil prices in the aftermath of Russia’s invasion of Ukraine prompting fear that the war would disrupt supplies.
|Week Ago Avg.||3.716||4.159||4.468||5.011||3.037|
|Month Ago Avg.||3.918||4.357||4.656||4.99||3.208|
|Year Ago Avg.||3.193||3.544||3.82||3.304||2.682|
Prior to the conflict, the US saw a drop in refining capacity caused by the decline in demand due to COVID where oil and gasoline prices fell and energy firms closed some underperforming refineries.
State Gas Prices September, 19 2022
|District of Columbia||3.833||4.461||4.782||5.054|
Image: Envato Elements
This article, “Gas Prices Now 50 Cents Shy of Last Year’s Price” was first published on Small Business Trends