Fuel Costs Underneath $4 Per Gallon in Over Half of the Nation

Issues are getting spicy (in a great way) within the world of gas prices. The typical value of a gallon of fuel is now $3.96, in response to AAA. That’s excellent news, however there’s even higher information hidden within the knowledge on AAA’s web site. Greater than half of the nation now has common costs underneath $4 per gallon.

Twenty-eight states now have costs under $4. That’s a quantity we haven’t seen in a very very long time — since earlier than Russia’s assault on Ukraine set the fuel value enhance in movement. There are literally a handful of states the place fuel is under $3.50 per gallon. You simply like to see it.

Diesel costs are additionally down, however not by as a lot. Diesel now sits at $5.03 per gallon. It’s down 11 cents for the reason that identical time final week.

Fuel costs have made a really regular decline — just about every day — since they peaked in mid-June at $5.02. It’s the identical story with diesel. It peaked across the identical time as fuel, however at $5.82 per gallon.

As for why costs are taking place, AAA says it’s primarily twofold: the very fact oil costs have stabilized and individuals are hitting the roads in decrease numbers. They are saying two-thirds of adults within the U.S. have modified their driving habits.

In keeping with knowledge from the Vitality Info Administration (EIA), fuel demand rose from 8.54 million b/d to 9.12 million b/d final week. Nevertheless, the speed is 307,000 b/d decrease than final yr. Additionally, complete home gasoline shares decreased by 5 million bbl to 220.3 million bbl. Though gasoline demand has risen and provides have tightened, easing oil costs have helped decrease pump costs. If oil costs edge decrease, drivers will possible see falling pump costs.

So, if demand continues to be low and production continues to be high, it’s a recipe for lower prices. Only time will tell just how low it can go.

Let’s take a look at gas prices across the country.

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

• California – $5.37 Regular | $5.57 Mid | $5.72 Premium | $6.24 Diesel
• Hawaii – $5.36 Regular | $5.59 Mid | $5.80 Premium | $6.06 Diesel
• Nevada – $4.94 Regular | $5.19 Mid | $5.40 Premium | $5.20 Diesel
• Alaska – $4.93 Regular | $5.13 Mid | $5.31 Premium | $5.43 Diesel
• Oregon – $4.87 Regular | $5.07 Mid | $5.27 Premium | $5.71 Diesel

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

• Texas – $3.46 Regular | $3.81 Mid | $4.15 Premium | $4.53 Diesel
• Arkansas – $3.47 Regular | $3.82 Mid | $4.16 Premium | $4.70 Diesel
• Tennessee – $3.50 Regular | $3.88 Mid | $4.24 Premium | $4.76 Diesel
• Oklahoma – $3.50 Regular | $3.85 Mid | $4.07 Premium | $4.54 Diesel
• South Carolina – $3.51 Regular | $3.90 Mid | $4.24 Premium | $4.69 Diesel

Let the good times roll.