November 27, 2022

 

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

State  Regular  Mid-Grade  Premium  Diesel   
California 6.08 6.31 6.447 6.647
Alaska 5.444 5.675 5.848 5.43
Oregon 5.358 5.608 5.791 5.717
Nevada 5.273 5.531 5.736 5.604
Washington 5.271 5.52 5.696 5.733

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

State  Regular  Mid-Grade  Premium  Diesel   
Georgia 3.256 3.631 4.01 4.819
Texas 3.301 3.671 4.008 4.799
Mississippi 3.331 3.683 4.046 4.858
South Carolina 3.377 3.746 4.094 4.965
Arkansas 3.382 3.744 4.08 4.934

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

  Regular Mid-Grade Premium Diesel E85
Current Avg. 3.888 4.342 4.654 5.284 3.201
Yesterday Avg. 3.888 4.348 4.659 5.271 3.207
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

State  Regular  Mid-Grade  Premium  Diesel   
Alaska 5.444 5.675 5.848 5.43
Alabama 3.437 3.823 4.194 4.97
Arkansas 3.382 3.744 4.08 4.934
Arizona 4.473 4.798 5.064 5.344
California 6.08 6.31 6.447 6.647
Colorado 3.699 4.032 4.337 5.044
Connecticut 3.491 4.004 4.407 5.61
District of Columbia 3.817 4.408 4.816 5.18
Delaware 3.671 4.096 4.389 5.328
Florida 3.403 3.798 4.112 5.157
Georgia 3.256 3.631 4.01 4.819
Hawaii 5.214 5.449 5.68 6.114
Iowa 3.654 3.922 4.379 5.045
Idaho 4.407 4.595 4.825 5.187
Illinois 4.336 4.813 5.221 5.355
Indiana 4.084 4.539 4.924 5.504
Kansas 3.502 3.779 4.085 5.039
Kentucky 3.485 3.89 4.249 5.105
Louisiana 3.401 3.784 4.139 4.886
Massachusetts 3.601 4.154 4.463 5.436
Maryland 3.754 4.25 4.536 5.339
Maine 3.659 4.014 4.384 5.534
Michigan 4.207 4.697 5.119 5.474
Minnesota 3.754 4.071 4.443 5.154
Missouri 3.466 3.71 4.046 4.978
Mississippi 3.331 3.683 4.046 4.858
Montana 4.062 4.341 4.61 5.178
North Carolina 3.504 3.864 4.224 5.014
North Dakota 3.715 4.028 4.404 5.16
Nebraska 3.632 3.844 4.291 5.006
New Hampshire 3.517 3.993 4.366 5.357
New Jersey 3.698 4.232 4.503 5.507
New Mexico 3.764 4.108 4.389 4.992
Nevada 5.273 5.531 5.736 5.604
New York 3.676 4.113 4.466 5.487
Ohio 3.813 4.231 4.627 5.449
Oklahoma 3.52 3.834 4.072 4.913
Oregon 5.358 5.608 5.791 5.717
Pennsylvania 3.954 4.313 4.586 5.668
Rhode Island 3.544 4.146 4.428 5.548
South Carolina 3.377 3.746 4.094 4.965
South Dakota 3.789 3.966 4.428 5.049
Tennessee 3.383 3.755 4.121 5
Texas 3.301 3.671 4.008 4.799
Utah 4.212 4.425 4.626 5.12
Virginia 3.57 3.982 4.306 5.106
Vermont 3.796 4.33 4.748 5.51
Washington 5.271 5.52 5.696 5.733
Wisconsin 3.77 4.216 4.628 5.15
West Virginia 3.567 3.846 4.114 5.308
Wyoming 3.907 4.124 4.394 5.214

Get the latest headlines from Small Business Trends. Follow us on Google News.

Image: Envato Elements


Source link