Gas prices are dropping slowly after nearly a month of increases.
According to the American Automobile Association (AAA), the average retail price of gas now stands at $3.888 on Monday, Oct 17, 2022 down from last week’s $3.919 price tag.
A lack of demand at the moment is being credited with the slight drop in price.
Gas Prices Slide After Three Weeks of Increase
Despite gas prices going down by an average of three cents, they remain far higher than the $3.682 mark this time last month and even higher than last year’s price of $3.319.
Across the nation, gas prices fluctuated from as high as $ 6.059 to a low of $ 3.253. Over the past week, gas prices have seen prices go up from 25 cents to less than one cent across the nation.
Since last Monday, these states which have the most expensive high gas prices have seen prices going down, California (-27 cents), Alaska (-12 cents), Oregon (-18 cents), Nevada (-17 cents), Washington (-14 cents), Arizona (-10 cents), Idaho (-1), Illinois (-7 cents) and Michigan (-15 cents). The state of Hawaii has seen a continued rise in gas prices over the past week with gas prices retailing on average at $5.223 up from $5.216. As has been the case for a while now California has the most expensive gas price with the average retail price for a gallon of gas going for $ 6.059 down from last week’s $6.330. The Californian County of Alpine has the highest gas price of 7.799 a gallon.
Highest Gas Prices
The states of Georgia, Mississippi, Texas, Louisiana, Florida, South Carolina, Tennessee, and Alabama have the cheapest gas prices across the nation. Even though they saw gas prices rising between two cents and eight cents in just one week. Georgia offers the cheapest gas price of $3.253 across the US. The county of Schley in Georgia has the cheapest gas price from across the nation with a gallon of gas retailing for $3.099.
Gas prices in Montana, North Carolina, Arkansas, and Idaho remained steady with prices remaining stable with prices going down by an average of five cents. The same can be said for the District of Columbia, Hawaii, and South Carolina despite seeing a modest increase in gas prices of less than one cent in just a week.
Lowest Gas Prices
Why are gas prices going down?
According to the latest Energy Information Administration statistics, gas demand decreased nationally from 9.47 million barrels a day to 8.28 million barrels a day while domestic gasoline stocks shot up by 2 million barrels to 209.5 million barrels.
Gas Price Trends
|Week Ago Avg.||3.919||4.37||4.681||5.064||3.225|
|Month Ago Avg.||3.682||4.131||4.442||4.965||3.021|
|Year Ago Avg.||3.319||3.656||3.931||3.538||2.835|
Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average going down. Crude oil demand is also projected to go down with ongoing COVID lockdowns in China contributing to concerns that oil demand may further drop and push prices lower.
State Gas Prices October 17, 2022
|District of Columbia||3.817||4.408||4.816||5.18|
Get the latest headlines from Small Business Trends. Follow us on Google News.
Image: Envato Elements