Gas Prices Continue Dropping

The national average gas price across the US continues its dip on Monday, September 12, 2022, reaching $3.716. This is a drop of more than 6 cents in just one week, according to the American Automobile Association (AAA). This week’s trends follow more than two months of gradual decline in gas prices after reaching a record high of $5.016 in June.

Gas Prices Drop for Over two Months

The average gallon of gas price is currently 6 cents less than one week ago and 21cents lower than one month ago, but still 66 cents shy of the $ 3.175 price tag a year ago. Across the nation, gas prices fluctuated from as high as $5.405 to a low of $ 3. 144. Over the past week, gas prices have seen prices go down from 17 cents to 2 cents across the nation.

California continues to experience the highest gas prices in the nation with the average gallon of gas price going for $5.405 a gallon at the pump, up by 2 cents from last week. It remains the state with the most expensive gas price eclipsing the national average by $1.68. Some counties in California continue to see steep gas prices above the $ 5.60 mark while Mono county has the most expensive gas price with a whopping $ 6.429 for a gallon of gas.

Highest Gas Prices

State RegularMid-GradePremiumDiesel California5.4055.5845.7386.314 Hawaii5.2845.5275.7336.113 Nevada4.9045.1335.3365.224 Alaska4.7054.8955.085.204 Oregon4.6844.8715.0715.557

Similarly, 21 other states continue to see gas prices above the current national average of $3.716 a gallon. Hawaii, Alaska, Nevada, Oregon, and Washington continue to see average gas prices above the $4.60 mark. Despite gas prices going down in most states Hawaii, California, and Nevada have seen their gas prices go up by between 6 to 10 cents in just over a week.

The states with the cheapest gas prices across the nation include Arkansas, Texas, and Mississippi with a gallon of gas price falling below last year’s national average of $ 3.175. The average gallon of gas in Arkansas is $3.161 while Mississippi and Texas go for 3.158 and 3.144 respectively.

Lowest Gas Prices

State RegularMid-GradePremiumDiesel Texas3.1443.5153.8454.593 Mississippi3.1583.5123.8754.61 Arkansas3.1613.513.8394.707 Louisiana3.1983.5623.9124.615 Georgia3.2423.6343.9964.686

In terms of price decline Maryland, Delaware, and Connecticut have seen their gas prices go down by more than 15 cents points.

Could We See Gas Going Down Further?

Gas prices continue to see drops for most states except for some particularly Hawaii, Californian, Alaska, and Nevada which continue to see gas prices above the national average. According to new data from the Energy Information Administration (EIA), gas demand last week increased slightly from 8.59 million barrels a day to 8.73 million barrels a day with domestic gas stocks rising by 300,000 barrels to reach 214.8 million barrels.

Gas Price Trends

RegularMid-GradePremiumDieselE85 Current Avg.3.7164.1594.4685.0113.037 Yesterday Avg.3.7184.1664.4745.0133.046 Week Ago Avg.3.7864.2184.5285.0683.102 Month Ago Avg.3.9784.4264.7215.063.253 Year Ago Avg.3.1753.5313.8063.2952.656

Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day, pump prices will likely continue to decrease.

State Gas Prices September 12, 2022

State RegularMid-GradePremiumDiesel Alaska4.7054.8955.085.204 Alabama3.2943.6774.0594.757 Arkansas3.1613.513.8394.707 Arizona3.9894.2714.5484.97 California5.4055.5845.7386.314 Colorado3.6694.0164.314.749 Connecticut3.5924.1644.5455.12 District of Columbia3.844.4324.8245.077 Delaware3.4213.9324.2194.693 Florida3.4393.8464.1534.762 Georgia3.2423.6343.9964.686 Hawaii5.2845.5275.7336.113 Iowa3.3813.6734.1094.866 Idaho4.4694.6914.9265.066 Illinois4.0124.494.8815.231 Indiana3.7984.2314.5965.356 Kansas3.3643.6443.954.794 Kentucky3.3473.7434.0864.896 Louisiana3.1983.5623.9124.615 Massachusetts3.8034.3724.6625.083 Maryland3.514.0394.3124.792 Maine3.774.1964.5245.119 Michigan3.8444.2394.6455.389 Minnesota3.6544.0064.3574.998 Missouri3.3043.6283.9234.773 Mississippi3.1583.5123.8754.61 Montana3.954.2264.5084.915 North Carolina3.4123.7914.144.795 North Dakota3.6463.9794.3644.871 Nebraska3.4953.7024.174.85 New Hampshire3.7074.2494.585.003 New Jersey3.7044.2874.544.939 New Mexico3.5693.8974.1784.823 Nevada4.9045.1335.3365.224 New York3.8894.3564.7025.207 Ohio3.5273.9294.2995.168 Oklahoma3.283.6033.8234.671 Oregon4.6844.8715.0715.557 Pennsylvania3.9224.3044.5645.149 Rhode Island3.6924.2824.6114.971 South Carolina3.3153.6964.0374.786 South Dakota3.6763.8844.3414.843 Tennessee3.2633.6313.9974.717 Texas3.1443.5153.8454.593 Utah4.3144.5334.7344.867 Virginia3.4783.9044.2324.799 Vermont3.8864.4614.8495.015 Washington4.6524.8775.0765.538 Wisconsin3.4653.8924.3034.949 West Virginia3.6513.9214.1644.902 Wyoming3.8124.0124.2744.883

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This article, "Gas Prices Continue Dropping" was first published on Small Business Trends

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