Some States Could See Gas Prices Under $3 Per Gallon | Did Yours Make the List?
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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!