Gas and Oil Prices at Lowest Levels in Nearly a Year

Covid-19 issues and China and weakening oil demand are driving down prices at the pump.

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A general view of a Sunoco gas station on September 15, 2022 in Farmingdale, New York.
Photo: Bruce Bennett (Getty Images)

The U.S. just got past the busiest travel day of the year. Luckily for drivers, they weren’t feeling the pain at the pump that they would have just a few months earlier. The average price of a gallon of gas is now sitting at $3.55, according to AAA. That’s just about the lowest price we have seen since February of this year.

The organization says this has actually been the steepest weekly decline since August. Average prices are down 11 cents in just one week. On top of that, CNN reports that U.S. oil prices have hit their lowest levels in about a year. The price for a barrel of oil is hovering right around $74. That’s down 35 percent since June alone. Protests in China over Covid-19 lockdowns and global economic slowdowns are being fingered as the reasons for the downturn in prices.

Oh, and just to help matters even more, the Energy Information Administration says gas demand actually fell last week from 8.74 million to 8.33 million barrels. At the same time, total domestic gasoline stock rose more than 3 million barrels to 211 million. Add all of this together, and you get your lower gas prices. It’s nice when that happens, isn’t it?

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Now, we aren’t doing perfectly. Prices are still, on average, 16 cents higher than they were at the same time last year. Give it a little time, and if the current factors in place hold, we could be looking at gas prices getting back to where they used to be. Or, who knows, maybe they’ll get even higher? It’s a fickle world we live in.

With that being said, let’s take a look at average gas prices around the country.

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

  • Hawaii - $5.20 Regular | $5.41 Mid | $5.69 (nice) Premium | $6.04 Diesel
  • California - $5.04 Regular | $5.24 Mid | $5.39 Premium | $6.07 Diesel
  • Nevada - $4.69 (nice) Regular | $4.93 Mid | $5.15 Premium | $5.44 Diesel
  • Washington - $4.52 Regular | $4.74 Mid | $4.93 Premium | $5.694 Diesel
  • Oregon - $4.47 Regular | $4.68 Mid | $4.88 Premium | $5.45 Diesel

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

  • Texas - $2.89 Regular | $3.24 Mid | $3.58 Premium | $4.48 Diesel
  • Mississippi - $3.03 Regular | $3.40 Mid | $3.76 Premium | $4.73 Diesel
  • Oklahoma - $3.03 Regular | $3.41 Mid | $3.63 Premium | $4.56 Diesel
  • Arkansas - $3.03 Regular | $3.40 Mid | $3.73 Premium | $4.71 Diesel
  • Georgia - $3.04 Regular | $3.42 Mid | $3.79 Premium | $4.90 Diesel

Hope you all had a lovely Thanksgiving, or else.