The average price of a gallon of gasoline nationwide fell for the 48th straight day after hitting a record high of $5.016 in June, to $4.212 a gallon on Monday, August 1, 2022, according to the figures of the American Automobile. Association (AAA).
There was a 14-cent decrease in the price of regular gasoline on Monday from last week’s gas prices of $4.355, and more than 60 cents from a month ago. Around this time last month, the average price of a gallon of gas was $4.842. Last year a gallon of gas was $3.173.
Gas prices decrease an average of 10 cents a week
For 48 consecutive days, gas prices have consistently dropped by an average of 10 cents, providing some relief at the pump for consumers. This week, gas prices ranged from a high of $5.611 to a low of $3.724.
California continues to experience the highest gas prices in the nation, with an average gas price of $5.611 a gallon at the pump. Despite the high price, it’s an improvement from last week’s $5.732 per gallon and even June’s $6.438 per gallon. California counties continue to show the most expensive gas prices with Trinity, Modoc, Mono, Alpine and Inyo counties selling gas above $6 a gallon.
Higher gas prices
Like California, the states of Hawaii, Alaska, Oregon, Nevada and Washington continue to see average gas prices above $5, but have also seen the average price of a gallon of gas drop 10 cents.
States with the least expensive gas prices nationwide include Texas, South Carolina, Georgia, Mississippi, Tennessee and Arkansas. These states saw a gallon of regular gas for less than $3.80.
Lower gas prices
States like Kansas, Colorado, Ohio, Nebraska, Indiana, Iowa and Michigan have seen gas prices drop more than 20 cents since last week. While Vermont, Connecticut and Massachusetts saw modest decreases with gas prices at the pump dropping 5 cents or less.
Prices may rise as demand increases
Despite the encouraging drop in the national average price of a gallon of regular gasoline, renewed demand for gas could push gas prices higher or slow their decline.
Gas price trends
|A week ago Wed.||4,355||4,806||5.103||5,412||3,664|
|About a month ago||4,842||5,264||5,559||5.76||4,093|
|Year ago Avg||3,173||3,522||3,795||3,284||2,657|
According to data from the Energy Information Administration (EIA), gas demand rose from 8.52 million barrels per day to 9.25 million barrels per day last week. The increase in demand could add further pressure on pump prices and slow down price declines if the trend continues. In addition, domestic gasoline stocks are also declining, indicating a further tightening of supplies.
State gas prices August 1, 2022
|District of Columbia||4,533||5.1||5,429||5,652|
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