It’s a beautiful sight. Gas prices have fallen below $4 per gallon for the first time in months. The new average price for a gallon of regular gas now sits at $3.99, according to AAA. That number is down drastically from where we were just two months ago, when the record high gas price of $5.02 was set on June 14th.
Since then, gas prices have been on a steady decline, and now we are $1.03 off of that mark. That’s a 21 percent drop in less than two months. Not too shabby.
Diesel prices have also come down significantly, but not at quite the same level as regular gas. A gallon of diesel will now set you back $5.08. That’s still a nice chunk of change, and far greater than the $3.29 you were paying a year ago, but it is much lower than the record high. That high of $5.82 was set on June 19th. Like gasoline, diesel has been on the decline pretty much daily since then. It has now dropped 74 cents per gallon in a little under two months. We will certainly take it.
AAA reports that while gas prices are lower, it still isn’t enough to bring Americans back to the pump the way they once did. However, that may actually not be a bad thing for prices.
“Oil is the primary ingredient in gasoline, so less expensive oil is helpful in taming pump prices,” said Andrew Gross, AAA spokesperson. “Couple that with fewer drivers fueling up, and you have a recipe for gas prices to keep easing. It’s possible that the national average will fall below $4 this week.”
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.25 million b/d to 8.54 million b/d last week. The rate is 1.24 million b/d lower than last year and is in line with the need at the end of July 2020, when COVID-19 restrictions were in place and fewer drivers hit the road. Moreover, according to EIA, the total domestic gasoline supply rose slightly by 200,000 bbl to 225.3 million bbl. If gas demand remains low and the supply continues to increase alongside falling oil prices, drivers will likely continue to see pump prices drop.
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Let’s take a closer look at the highest and lowest gas prices across the country. Big news: since the last time we spoke, another state has taken over for the highest gas prices.
Here is the highest average gas prices in the country in order of highest price for a gallon regular:
- Hawaii - $5.39 Regular | $5.62 Mid | $5.86 Premium | $6.10 Diesel
- California - $5.38 Regular | $5.60 Mid | $5.75 Premium | $6.26 Diesel
- Alaska - $4.95 Regular | $5.12 Mid | $5.30 Premium | $5.49 Diesel
- Nevada - $4.94 Regular | $5.19 Mid | $5.39 Premium | $5.21 Diesel
- Oregon - $4.88 Regular | $5.10 Mid | $5.32 Premium | $5.77 Diesel
Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:
- Texas - $3.49 Regular | $3.88 Mid | $4.21 Premium | $4.57 Diesel
- Arkansas - $3.53 Regular | $3.91 Mid | $4.25 Premium | $4.73 Diesel
- South Carolina - $3.54 Regular | $3.95 Mid | $4.29 Premium | $4.74 Diesel
- Tennessee - $3.55 Regular | $3.94 Mid | $4.30 Premium | $4.79 Diesel
- Oklahoma - $3.56 Regular | $3.89 Mid | $4.14 Premium | $4.56 Diesel
Ladies and gentlemen, we did it.