Will Gas Prices Go Down Again This Week?

The national average gas prices across the US continue its dip on Monday, August 15, 2022 reaching $3.956. It is now below $4 per gallon, first time since March 5, according to the American Automobile Association (AAA). The price of gas is in its 63-day streak of dropping prices at the pump following an all-time high of $5.016 in June.

Gas Prices Go Down Again This Week

The average gas price is currently 10 cents less than one week ago and 62 cents lower than one month ago, but still 77 cents shy from the $ 3.184 price tag a year ago. The continued decline in gas prices has fueled optimism that gas prices are set to cool down within months if not weeks.

63 Straight Days of Price Drop

For 63 consecutive days, gas prices have steadily declined by an average of 10 to 15 cents a week. Despite the relief, some states continue to see the price of gas going above the national average of $3.956.

California continues to experience the highest gas prices in the nation with the average gallon of gas price going $5.366 a gallon at the pump, despite prices dipping by 8 cents from last week. It remains the state with the most expensive gas price, eclipsing the national average by $1.41. Some counties in California continue to see steep gas prices. For example, Trinity and Mono continue to see high gas prices going beyond the $6 mark.

Highest Gas Prices

State Regular Mid-Grade Premium Diesel  
California5.3665.575.7186.239
Hawaii5.3625.5875.8046.057
Nevada4.9435.1945.3955.195
Alaska4.9255.1335.3095.434
Oregon4.8735.075.2685.714

Similarly, 25 other states continue to see gas prices above the current national average of 3.956 a gallon. Hawaii, Alaska, Nevada, Oregon, and Washington continue to see average gas prices above the $4.80 mark but have also seen the average price for a gallon of gas go down by less than 10 cents from last week.

The states with the least expensive gas prices across the nation include Texas, Arkansas, Tennessee, Oklahoma, and South Carolina. These states saw a regular gallon of gas going for under $3.51.

In terms of price decline Maine, Colorado, West Virginia, and Arizona have seen their gas prices go down by more than 15 percentile points while Nevada, Wisconsin, Montana, and Delaware saw modest declines below five cents.

Lowest Gas Prices

State Regular Mid-Grade Premium Diesel  
Texas3.4563.8144.1514.527
Arkansas3.4723.8224.1634.669
Tennessee3.5013.8754.2384.745
Oklahoma3.5043.8454.0724.536
South Carolina3.5063.8994.2394.69

Could Americans See More Relief at the Pump?

Gas prices at the pump have become a concern for consumers in the past few months. With rising gas prices forcing the demand for gas to decline and some states have even suspended their gas taxes helping to lower gas prices.

Most indications show that gas prices will continue stabilizing and dropping provided that there are no interruptions in the supply of gas or a surge in global demand. Currently, the nation is seeing gasoline inventories growing to allow for some cushion from rising gas prices.

Gas Price Trends

 RegularMid-GradePremiumDieselE85
Current Avg.3.9564.3924.6965.0333.218
Yesterday Avg.3.9594.4024.7055.0413.23
Week Ago Avg.4.0594.5034.8035.1433.329
Month Ago Avg.4.5775.0255.325.5723.922
Year Ago Avg.3.1843.5413.8143.2962.666

This is further supported by the Energy Information Administration’s (EIA) short-term energy outlook released late last week. According to the EIA retail price for regular grade gasoline which had averaged $4.56 per gallon in July is expected to fall to an average of $3.78 a gallon in the fourth quarter of 2022.

State Gas Prices August 15, 2022

StateRegularMid-GradePremiumDiesel 
Alaska4.9255.1335.3095.434
Alabama3.5413.9374.3094.767
Arkansas3.4723.8224.1634.669
Arizona4.1314.4294.6954.974
California5.3665.575.7186.239
Colorado3.9944.3514.6474.891
Connecticut4.1194.6475.0145.213
District of Columbia4.1744.6745.0885.277
Delaware3.8844.3774.6394.855
Florida3.6414.0614.3854.824
Georgia3.5113.914.2764.755
Hawaii5.3625.5875.8046.057
Iowa3.5733.8414.2934.709
Idaho4.7044.9395.1575.233
Illinois4.2774.765.1425.153
Indiana3.8634.2734.6045.262
Kansas3.5333.8114.1024.627
Kentucky3.5523.9514.2894.897
Louisiana3.5533.9224.274.656
Massachusetts4.2714.795.0835.331
Maryland3.9634.4614.7314.951
Maine4.2744.6735.0115.275
Michigan3.9514.3514.715.314
Minnesota3.8724.2434.5944.981
Missouri3.5383.894.1874.63
Mississippi3.523.8884.2374.686
Montana4.2724.5714.8344.842
North Carolina3.6664.0474.4074.947
North Dakota3.9174.2584.6414.82
Nebraska3.7333.9684.434.719
New Hampshire4.1184.6144.9415.266
New Jersey4.1754.7184.9855.125
New Mexico3.6874.0094.2744.799
Nevada4.9435.1945.3955.195
New York4.344.7695.1095.505
Ohio3.6234.0244.3685.227
Oklahoma3.5043.8454.0724.536
Oregon4.8735.075.2685.714
Pennsylvania4.294.6664.9415.428
Rhode Island4.1964.755.0535.254
South Carolina3.5063.8994.2394.69
South Dakota3.9224.1284.6474.833
Tennessee3.5013.8754.2384.745
Texas3.4563.8144.1514.527
Utah4.6164.8415.0324.964
Virginia3.7634.1964.5294.95
Vermont4.324.8025.2015.047
Washington4.8065.0325.2235.646
Wisconsin3.6884.0854.4984.776
West Virginia3.9964.2714.5435.213
Wyoming4.1144.3364.6374.986

Image: Envato Elements

This article, “Will Gas Prices Go Down Again This Week?” was first published on Small Business Trends

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