Some States Are Finally Seeing Average Prices Dip Below $4 per Gallon
Drivers line up at a gas station in Lynnfield, Massachusetts on July 19, 2022.Photo: Joseph Prezioso (Getty Images)
The slow march downward for gas prices is continuing across the country. Now, the average price of a gallon of gas sits at a comparatively low $4.47 for a gallon of regular, according to AAA. In some parts of the country, though, that number is even lower.
For the first time since May 18th, there are now four states with gas prices at or below $4 per gallon.
It’s a welcome sight for American drivers who have been feeling severe pain at the pump when Putin’s invasion of Ukraine broke out, which stifled supply across the entire world. That $4.47 average price is a sizable drop from where we were just one month ago, when the record high gas price was set at $5.02 on June 19.
A spokesperson for AAA explained the reasoning behind the drop.
“Global economic headwinds are pushing oil prices lower and less expensive oil leads to lower pump prices,” said Andrew Gross, AAA spokesperson. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.”
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million b/d to 8.06 million b/d last week, while total domestic gas stocks increased by 5.8 million bbl. The decrease in demand and declining oil prices have helped push pump prices down. As these supply/demand dynamics hold, drivers will likely continue to see price relief at the pump.
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This is all incredibly welcome news for American consumers, but there’s still a long fall to go in order to hit the prices we saw a year ago. Back in yee olden times, a gallon of gas cost just $3.17. Even a gallon of premium averaged $3.79 on this date in 2021. That’s well under where regular gas sits today, and it’s $1.43 more than the $5.22 we’re paying on average for premium today. We didn’t know how good we had it.
Let’s take a look at how prices stack up on the high and low end across the country.
Here are the highest average gas prices in the country in order of highest price for a gallon regular:
California – $5.84 Regular | $6.07 Mid | $6.21 Premium | $6.65 DieselHawaii – $5.60 Regular | $5.79 Mid | $6.04 Premium | $6.11 DieselAlaska – $5.30 Regular | $5.57 Mid | $5.74 Premium | $5.95 DieselOregon – $5.25 Regular | $5.47 Mid | $5.67 Premium | $6.32 DieselNevada – $5.22 Regular | $5.48 Mid | $5.67 Premium | $5.64 Diesel
Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:
South Carolina – $3.98 Regular | $4.40 Mid | $4.73 Premium | $5.12 DieselTexas – $3.98 Regular | $4.38 Mid | $4.70 Premium | $4.92 DieselGeorgia – $3.99 Regular | $4.43 Mid | $4.77 Premium | $5.18 DieselMississippi – $4.00 Regular | $4.40 Mid | $4.74 Premium | $5.05 DieselLouisiana – $4.04 Regular | $4.44 Mid | $4.78 Premium | $5.06 Diesel
That’s all, folks.
