Consumers who have been seeing a number of gasoline prices rising are now seeing some alarm with the national average gas price below $ 4.50 a gallon.
Lower gas prices
According to the American Automobile Association (AAA), on July 19, 2022, average gas prices hit $ 4,495 below $ 4,655 a week ago. This is a significant decline, from that time last month, with gas prices hitting a staggering $ 5,006 a gallon on June 13, 2022, the highest inflation-adjusted price for a week since 2011.
Despite the gradual fall in the national average gas price, the price of a gallon last year is still not close to $ 3,170. In addition, gas prices vary widely across states, with average retail prices ranging from $ 3,998 to $ 5,871.
California still feels the pinch
While some relief may be felt among consumers with falling gas prices, prices are still taking their toll on many states, and some states feel the pinch more severely than others.
California drivers continue to struggle with high gasoline prices with the average price of a gallon of gasoline in the sun state costing $ 5,871 even though it has dropped from $ 5,897 a week ago. This time last year, the average price of gas in California was $ 4,324.
Like California, the states of Hawaii, Alaska, Oregon, Nevada, Washington, Idaho, Utah, and Illinois saw the average price of a gallon of gasoline exceed the $ 5 threshold. However, this week all states except Hawaii and Alaska have seen gas prices drop at the pump. Hawaii and Alaska saw an increase of $ 0.006.
As good news, several other states have seen gas prices fall below an average of $ 4, most in the south. For example, South Carolina residents feel less affected by the bomb with average gasoline prices reaching $ 3,998 a gallon from $ 4,020 a week ago. Other states with average gas prices below $ 4.10 include Texas, Georgia, Mississippi, Louisiana and Alabama.
Lower gas prices
Higher gas prices
Why are gas prices falling?
Since mid-June, gasoline prices have shown a slight drop of an average of 10 cents a week. According to AAA data, the fall in gas prices is in its fifth consecutive week down 16 cents from a week ago to $ 4,495.
Trend in gas prices
|A week ago Medium.||4,655||5,096||5,395||5,625||3,975|
|An average month ago||4,983||5,381||5,679||5,816||4,284|
|Average year ago||3.17||3,515||3,791||3,276||2,667|
“We have seen the national average price of gasoline fall for the fifth week in a row, and the pace of recent falls has accelerated to some of the most significant we have seen in years. This trend is likely to reach a sixth. “consecutive week, and prices are likely to fall again this week. Except for major hurricanes, disruptions or unexpected outages, I predicted the national average would drop to $ 3.99 / gal in mid-August,” said Patrick De Haan, chief of GasBuddy oil analysis.
According to the U.S. Energy Information Administration, factors that are driving down gas prices include fewer Americans driving due to the impact of their budgets and consumers buying less gasoline in the second quarter of 2022 and early of July compared to the same period last year.
State gas prices
|Districts of Columbia||4,671||5,225||5.55||5,762|
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