Will Gas Prices Go Down Again This Week?

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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   
California 5.366 5.57 5.718 6.239
Hawaii 5.362 5.587 5.804 6.057
Nevada 4.943 5.194 5.395 5.195
Alaska 4.925 5.133 5.309 5.434
Oregon 4.873 5.07 5.268 5.714

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   
Texas 3.456 3.814 4.151 4.527
Arkansas 3.472 3.822 4.163 4.669
Tennessee 3.501 3.875 4.238 4.745
Oklahoma 3.504 3.845 4.072 4.536
South Carolina 3.506 3.899 4.239 4.69

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

  Regular Mid-Grade Premium Diesel E85
Current Avg. 3.956 4.392 4.696 5.033 3.218
Yesterday Avg. 3.959 4.402 4.705 5.041 3.23
Week Ago Avg. 4.059 4.503 4.803 5.143 3.329
Month Ago Avg. 4.577 5.025 5.32 5.572 3.922
Year Ago Avg. 3.184 3.541 3.814 3.296 2.666

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

State Regular Mid-Grade Premium Diesel  
Alaska 4.925 5.133 5.309 5.434
Alabama 3.541 3.937 4.309 4.767
Arkansas 3.472 3.822 4.163 4.669
Arizona 4.131 4.429 4.695 4.974
California 5.366 5.57 5.718 6.239
Colorado 3.994 4.351 4.647 4.891
Connecticut 4.119 4.647 5.014 5.213
District of Columbia 4.174 4.674 5.088 5.277
Delaware 3.884 4.377 4.639 4.855
Florida 3.641 4.061 4.385 4.824
Georgia 3.511 3.91 4.276 4.755
Hawaii 5.362 5.587 5.804 6.057
Iowa 3.573 3.841 4.293 4.709
Idaho 4.704 4.939 5.157 5.233
Illinois 4.277 4.76 5.142 5.153
Indiana 3.863 4.273 4.604 5.262
Kansas 3.533 3.811 4.102 4.627
Kentucky 3.552 3.951 4.289 4.897
Louisiana 3.553 3.922 4.27 4.656
Massachusetts 4.271 4.79 5.083 5.331
Maryland 3.963 4.461 4.731 4.951
Maine 4.274 4.673 5.011 5.275
Michigan 3.951 4.351 4.71 5.314
Minnesota 3.872 4.243 4.594 4.981
Missouri 3.538 3.89 4.187 4.63
Mississippi 3.52 3.888 4.237 4.686
Montana 4.272 4.571 4.834 4.842
North Carolina 3.666 4.047 4.407 4.947
North Dakota 3.917 4.258 4.641 4.82
Nebraska 3.733 3.968 4.43 4.719
New Hampshire 4.118 4.614 4.941 5.266
New Jersey 4.175 4.718 4.985 5.125
New Mexico 3.687 4.009 4.274 4.799
Nevada 4.943 5.194 5.395 5.195
New York 4.34 4.769 5.109 5.505
Ohio 3.623 4.024 4.368 5.227
Oklahoma 3.504 3.845 4.072 4.536
Oregon 4.873 5.07 5.268 5.714
Pennsylvania 4.29 4.666 4.941 5.428
Rhode Island 4.196 4.75 5.053 5.254
South Carolina 3.506 3.899 4.239 4.69
South Dakota 3.922 4.128 4.647 4.833
Tennessee 3.501 3.875 4.238 4.745
Texas 3.456 3.814 4.151 4.527
Utah 4.616 4.841 5.032 4.964
Virginia 3.763 4.196 4.529 4.95
Vermont 4.32 4.802 5.201 5.047
Washington 4.806 5.032 5.223 5.646
Wisconsin 3.688 4.085 4.498 4.776
West Virginia 3.996 4.271 4.543 5.213
Wyoming 4.114 4.336 4.637 4.986

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