The national average is approaching $4 per gallon
08/05/2022
Drivers may still be complaining about high gas prices, but at least they’re coming down overnight.
AAA’s daily fuel price survey shows the national average regular gas price is $4.11 a gallon, 14 cents lower than last Friday. However, that’s still more than a dollar a gallon more than a year ago.
The average premium gasoline price is $4.85 per gallon, 15 cents lower than last week. Diesel fuel prices are $5.19 per gallon, 12 cents lower than a week ago.
Patrick DeHaan, head of oil analysis at GasBuddy, pointed out on Twitter this week that spot gasoline prices in Chicago are at their lowest since Russia invaded Ukraine in February. He interprets this to mean that gas prices will continue to fall.
Growing concerns about a possible recession may have prompted some motorists to drive less. After remaining strong for much of July, gasoline demand is down. Also contributing to lower gasoline prices, the price of crude oil fell below $90 a barrel on Thursday for the first time since February.
Most states saw double-digit declines in average gasoline prices this week. The statewide average fell 22 cents per gallon in Colorado; 21 cents in Ohio, Indiana and Illinois; 17 cents per gallon in Oklahoma and Kentucky; and 16 cents per gallon in Maine.
States with the most expensive gas
These states currently have the highest prices for regular gas, according to AAA:
States with the cheapest gas
AAA reports that these states currently have the lowest prices for regular gas: