Regular Gas Prices Tick Up After 99-Day Decline

Gas prices at a Love's station in Bennville, Illinois on September 12, 2022.

Gas prices at a Love’s station in Bennville, Illinois on September 12, 2022.Photo: Scott Olson (Getty Images)

Well folks, it was fun while it lasted, but after a 99-day streak of declining gas prices, they have made a turn in the wrong direction. According to AAA, the national average for a price of regular gas now sits at $3.68 per gallon. That’s up one cent from yesterday. Mid-grade and premium gas also ticked upward overnight as well, but because you can’t buy a fraction of a penny of gas, they remained virtually unchanged. Diesel, on the other hand, went down by a penny to $4.93 per gallon.

These prices are still considerably lower than the records set for gas and diesel on June 14 and 19, respectively. Back then, regular gas hit $5.02 per gallon, and diesel was at $5.82. Now, prices are down $1.34 and $0.89, respectively. But still, the prices are a far cry from where they were even a year ago.

Alas, the 99-day streak is over. According to the New York Times, prices at the pump are set primarily by global oil prices. In mid-June, those prices were about $120 per barrel. Now the price is sitting around $86. The reason for that drop is twofold. One: experts are worried about a recession hurting demand for gas. Two: there are some signs of increased supply coming to market soon.

Recently, the daily declines in gas prices have slowed to tiny increments, just fractions of a cent. Futures trading suggests that investors expect oil and gasoline prices to continue drifting down over the next year, but these commodities are volatile and subject to global economic and political forces: Prices can go back up as quickly as they have come down. One of the factors pulling down demand recently has been people altering their driving habits in response to high prices, which could change again if prices settle down.

With that misery to look forward to, let’s take a look at how prices are shaping up around the country.

Here is the highest average gas prices in the country in order of highest price for a gallon regular:

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

Let’s hope the downward trend makes a swift return. I cannot afford to live like this.