Gas Prices Keep Tumbling as We Head into Fall
A gas station in Truth or Consequences, New Mexico on August 16th, 2022.Photo: Mario Tama (Getty Images)
Folks, I come with very good news. Gas prices are continuing their downward trend. The average price of a gallon of gas now sits at $3.76 per gallon, according to AAA’s gas price tracker. That’s now a decrease of $1.26 per gallon since prices reached their peak in mid-June of this year.
Diesel prices are also on the mend! The price of a gallon of diesel is now at $5.05 per gallon. That’s a decrease of 77 cents per gallon from the record high that was set during a similar time in mid-June.
Part of that decrease in prices can be traced to an extremely quiet hurricane season as well as just an overall lower demand for gasoline.
“According to weather analysts, it’s the first time in 25 years that a named Atlantic storm did not develop in August. That’s the good news,” Andrew Gross, AAA spokesperson, said. “But we still have another month of peak hurricane season, and these storms can affect gas prices by disrupting oil production and refining.”
“[O]il prices dipped on recent lackluster Chinese manufacturing output due to lower demand for goods and new COVID19 outbreaks in critical industrial cities. This is fueling fears that oil demand could drop in China, the world’s largest importer of crude oil.
According to data from the Energy Information Administration (EIA), domestic gas demand increased slightly from 8.43 million b/d to 8.59 million b/d last week. However, the rate is nearly 1 million b/d lower than the last week of August 2021. Also, total domestic gasoline stocks decreased by 1.1 million bbl to 214.5 million bbl. Although gasoline demand rose and supply tightened, lower oil prices led to falling pump prices. If oil prices continue to decline, drivers will likely continue to see pump prices drop further.
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So, let’s keep hoping the hurricane season stays quiet… not because of the danger to life and property, but for gas prices.
Anyway, let’s take a look at prices around the country.
Here are the highest average gas prices in the country in order of highest price for a gallon regular:
Hawaii – $5.30 Regular | $5.51 Mid | $5.76 Premium | $6.10 DieselCalifornia – $5.28 Regular | $5.48 Mid | $5.63 Premium | $6.32 DieselNevada – $4.83 Regular | $5.07 Mid | $5.28 Premium | $5.23 DieselAlaska – $4.74 Regular | $4.94 Mid | $5.14 Premium | $5.26 DieselOregon – $4.71 Regular | $4.92 Mid | $5.13 Premium | $5.60 Diesel
Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:
Texas – $3.23 Regular | $3.62 Mid | $4.94 Premium | $4.65 DieselArkansas – $3.24 Regular | $3.60 Mid | $3.92 Premium | $4.75 DieselMississippi – $3.25 Regular | $3.61 Mid | $3.96 Premium | $4.65 DieselLouisiana – $3.29 Regular | $3.66 Mid | $4.02 Premium | $4.66 DieselGeorgia – $3.31 Regular | $3.71 Mid | $4.07 Premium | $4.72 Diesel
I’m all gassed up.
