Gas Prices Currently Dropping at Fastest Rate in over a Decade

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  • Fuel costs are falling on the quickest charge in over a decade, in keeping with a tweet by President Joe Biden.
  • After a gallon of standard fuel peaked above $5 in June, at present the common worth is $4.19, per AAA.
  • There are presently 19 states the place the common is underneath $4 per gallon, and it is $3.77 or much less in eight states.

    Fuel costs have been extraordinarily unstable this yr, with the nationwide common peaking above $5 per gallon in June. Nevertheless, costs have now fallen for the previous seven weeks straight, in keeping with information collected by Fuel Buddy.

    President Joe Biden at present tweeted that the present drop in fuel costs is the quickest decline the nation has seen in over a decade. The very best recorded common worth of a gallon of standard was $5.02 in mid-June, per AAA, which at present lists the nationwide common at $4.19 per gallon. That is a distinction of 83 cents.

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    Whereas a gallon of standard nonetheless exceeds $5 on common in states resembling Alaska, California, Hawaii, Oregon, and Nevada, there are 19 states the place a gallon is obtainable for underneath $4. Once more, that is in keeping with AAA’s listing of state gas-price averages, which additionally lists eight states the place drivers can refill for a median of $3.77 or much less. The most affordable of these is Texas, the place common is presently $3.69 per gallon on common.

    national gas price comparison 2019 to 2022

    AAA

    AAA yesterday issued a report on the falling fuel costs, together with a chart that compares nationwide fuel costs between 2019 and 2022. It additionally identified that these decrease costs might result in elevated demand, which might stymie the value drop.

    “We all know that the majority American drivers have made important modifications of their driving habits to deal with excessive fuel costs,” mentioned AAA spokesperson Andrew Gross. “However with fuel beneath $4 a gallon at almost half of the fuel stations across the nation, it’s doable that fuel demand might rise.”

    It is clear that there is been a gradual decline in current weeks, however—as we defined in an in-depth article on gas-price traits final month—it is best to be ready for the unpredictable.

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