Some States Could See Gas Prices Under $3 Per Gallon | Did Yours Make the List?
Can we expect the high price of gas to pass?
With the cost of gas on the decline, I know that many of us are wondering if this will continue to be a trend. The national average per gallon of gas in the US recently hit a celebratory milestone putting the price under $4 per gallon for the first time since this past March following the Russian invasion of Ukraine. As of today, the national average clocks in at $3.96. That’s about 78¢ higher than the national average this time last year.
Currently, Texas holds the top spot for the national low at $3.47 per gallon with California coming in at the highest at $5.37. That actually puts them almost neck and neck with Hawaii. 😳
The good news is, that while there are no guarantees as to how long or how low we can expect the prices to continue to drop, the outlook is fairly optimistic. When it comes to predicting gas prices, there are some key factors that affect the price and some of them can be, well… unpredictable!
The price of crude oil is a major factor, but the good news is that the price per gallon has also been dropping putting some major producers like West Texas Intermediate and Brent Crude at under $100 per barrel. As long as the price of crude oil continues to decline, we’ll be in pretty good shape.
Another contributing factor is the weather. If Mother Nature has a bad day, then we’re all going to pay the price…literally! It’s almost prime time for hurricane season on the gulf coast where over half of the nation’s oil refinery capacity resides. One major storm has the power to affect oil prices, which in turn will ramp up gas prices.
And then, of course, there’s good ole’ supply and demand. Overall, consumers have become more aware than ever in regards to how much they are driving with many people cutting back on unnecessary trips. In fact, a recent AAA survey found that 64% of U.S. adults had changed their driving habits since gas prices started rising back in March, while 23% said they made “major changes,” which include driving less, consolidating errands, as well as cutting back on shopping & dining out. If the need for gas doesn’t drastically increase, we can expect the price to stay on this downward trend.
All things considered, it’s expected that we will see gas prices continue to lessen with some states even dropping below the $3 per gallon mark in the near future as predicted by Patrick De Haan who heads up petroleum analysis for GasBuddy. The states most likely to see these price lows being Texas, South Carolina, Oklahoma, Georgia, Arkansas, Tennessee, Mississippi, Alabama, Louisiana, and Kentucky.
Now we just need to do an anti-rain dance to keep the hurricanes at bay for the next few months. 💃
Did your state make the cut? If not, be sure to check out our best tips to help you save on gas!
California, uhm, no. Though I’m pleasantly surprised that our gas price is now $4.99 premium at Costco since last week. It peaked at $6.37 , still Costco/Sam’s club price. I don’t go anywhere else.
Gas should be in the low $2 range. That was what it was prior to 2021. We need to be energy independent again! Don’t settle or be thanksful for anything above that.
When most of the world was in lockdown mode and no one was able to travel anywhere? So, sub-$2 when supply was high and demand was low? Before the oil industry started laying off people and artificially lowered supply and kept it low even when the world opened up and demand rose?
lol
Gas prices increased 48% from January 20, 2021 to the week before Russia invaded Ukraine, and diesel prices increased 49%. Most of the country was not in lockdown by January 20, 2021.
Just filled up today in St Louis for $3.14. That is down from $5, and before upside and cc cash back!
well the mid term elections are coming up. a new pandemic will hit around October. that’s about it.
Gas prices are set by the supply and demand of crude oil. Crude oil prices are set by the 13 OPEC countries and the IOC (Independent Oil Companies). The President has little if any control of setting the price of gasoline. On the first half of 2022 the 15 independent oil companies made 94 BILLION in profits alone. Most made $1.00 profit from each gallon of gasoline sold. Last year their profit ranged from .14 cents to .38 cents. So you tell me, who’s EXPLOITING whom.
BTW, in the fall, the weather changes, temperatures drop, people stay inside more and flu season is cyclical. So it is to be expected that an uptick of sickness will be noted. However, we are fortunate to have free, safe and effective vaccines that help stave off the worst effects of both the flu and the latest strains of Covid-19.
Paranoia and conspiracy theories help NO ONE. Neither does hyperbole.
Well said, Stella!
Unfortunately, many people have not taken Econ 101 and do not know that the US President has little or no control over gas prices.
Thanks, H2S for all the good info.
Sadly, some people will always find something to complain about.
Are you serious? It’s over double what it was on January 20, 2021. and It will go back up after the midterms. We’re using our strategic oil reserves to bring it down for now for political reasons. When it’s gone it’s gone. And we’re selling some of it to foreign countries, including China. Good times.
Agreed Alex, thanks H2S. Y’all have a blessed day.
I’m in sunny Las Vegas and here I thought I scored a great deal at Costco paying 4.39 a gallon. Down from 5:39 two weeks ago. Gotta love the west coast and our ridiculously high prices. 😭
There is absolutely no reason our gas should even be at $3 a gallon. The current prices are nothing to celebrate, our country needs to return to energy independence and have our pipelines reopened. Gas was on the rise well before the Russian invasion.
It’s like being punched in the eye and celebrating that the swelling has gone down a little.
As of 8/14/22, upstate NY still paying between 4.39 and 4.69/gallon, within a 20 mile radius.
Omaha Nebraska $3.13 at Sams. Never fill up anywhere else.