Gas prices’ downward trend continues – for now: AAA
Last week, the cheapest average gas prices could be found in Texas, Mississippi, Oklahoma, Georgia and Louisiana, according to AAA. (iStock)
The average price of gas dipped to $3.24, only a 2-cent drop from the week prior, according to the latest report from AAA. Pump prices on average are 26 cents less than a month ago and 26 cents less than a year ago.
The decrease in gas prices may lose momentum following a recent uptick in oil prices. Reduced demand for gas has helped keep pump price increases in check, AAA said.
"The current streak of daily pump prices either falling or staying flat started on September 19," AAA spokesperson Andrew Gross said. "It appears this run is in jeopardy, and we may see prices edge a bit higher. But if the cost of oil eventually hits reverse and dips again, pump prices will likely follow suit. So stay tuned."
The West Texas Intermediate (WTI) – an oil price benchmark – increased by $1.45 to $77.86 at the close of Wednesday’s formal trading session. Gas demand fell from 8.48 to 8.21 million barrels per day last week, according to new data from the Energy Information Administration (EIA).
Oil prices climbed due to worries that OPEC+ will uphold its production reduction agreement through next year, AAA noted.
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Brief look at average U.S. gas prices
Since the past Thursday, these 10 states have seen the largest decreases in their average gas prices, according to AAA.
- Utah (-16 cents)
- Indiana (-10 cents)
- Ohio (-9 cents)
- Arizona (-9 cents)
- Wyoming (-8 cents)
- Michigan (-8 cents)
- Montana (-8 cents)
- Colorado (-8 cents)
- North Dakota (-8 cents)
- California (-8 cents)
Fuel costs in nine states are below $2.90 a gallon. Here are the nation’s 10 most affordable markets.
- Texas ($2.74)
- Mississippi ($2.76)
- Oklahoma ($2.76)
- Georgia ($2.79)
- Louisiana ($2.81)
- Missouri ($2.81)
- Arkansas ($2.82)
- Alabama ($2.88)
- Kansas ($2.89)
- Iowa ($2.91)
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Longest stretch of falling gas prices at pumps since summer 2022
Drivers have enjoyed a prolonged period of relief at gas stations. For the tenth consecutive week, the average gas price in the U.S. has dropped, according to a report from GasBuddy.
"With the national average price of gasoline declining for the 10th straight week, motorists are enjoying the longest downward trend at the pump since the summer of 2022," Patrick De Hann, GasBuddy Head of Petroleum Analysis said. "The timing couldn’t be better as Americans head into the holidays, leaving them with more in their wallets at a time of year many start to spend on gifts for loved ones."
As colder weather keeps more people off the roads and at home, gasoline demand weakens.
"In addition, gasoline demand continues to be dragged lower as Americans stay inside more often, helping to put continued downward pressure on gasoline prices," De Hann continued.
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