Thursday, June 13, 2024
HomeBUDGET 2024Gas prices continue to decrease, according to AAA.

Gas prices continue to decrease, according to AAA.

Last week, AAA found that the states with the cheapest gas prices were Texas, Mississippi, Oklahoma, Georgia, and Louisiana. The latest report from AAA reveals that the average gas price is now $3.24, just 2 cents less than the previous week. On average, prices at the pump have decreased by 26 cents compared to both last month and last year.

While the drop in gas prices has been influenced by decreased demand, there’s a possibility it might change due to a recent increase in oil prices. AAA spokesperson Andrew Gross mentioned that the current trend of stable or decreasing daily pump prices, which began on September 19, could be at risk. If oil prices reverse and decline again, pump prices are likely to follow suit.

The West Texas Intermediate (WTI), a benchmark for oil prices, rose by $1.45 to $77.86 in the recent trading session. Gas demand also decreased from 8.48 to 8.21 million barrels per day, as reported by the Energy Information Administration (EIA). The increase in oil prices is attributed to concerns that OPEC+ will continue reducing production through the next year.

For those looking to save on car insurance costs, utilizing a marketplace like Credible allows you to compare various providers and find a personalized rate within minutes, all without impacting your credit score. If you’re interested in the latest update on the US third-quarter GDP estimate, it has been revised upwards on the second reading.

Gas prices continue to decrease, according to AAA.
Gas prices continue to decrease, according to AAA.

A Quick Overview of Average Gas Prices in the U.S.

A quick look at how much it costs to fill up your car in the U.S.

Since last Thursday, gas prices have dropped the most in these 10 states, as shared by AAA.

  • Utah (-16 cents)
  • Indiana (-10 cents)
  • Ohio (-9 cents)
  • Arizona (-9 cents)
  • Wyoming (-8 cents)
  • Michigan (-8 cents)
  • Montana (-8 cents)
  • Colorado (-8 cents)
  • North Dakota (-8 cents)
  • California (-8 cents)

In nine states, you can find gas for less than $2.90 a gallon. Here are the 10 most affordable places in the country.

  • Texas ($2.74)
  • Mississippi ($2.76)
  • Oklahoma ($2.76)
  • Georgia ($2.79)
  • Louisiana ($2.81)
  • Missouri ($2.81)
  • Arkansas ($2.82)
  • Alabama ($2.88)
  • Kansas ($2.89)
  • Iowa ($2.91)

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Gas prices continue to decrease, according to AAA.
Gas prices continue to decrease, according to AAA.

Gas Prices Keep Dropping – Longest Period Since Summer 2022

Enjoying Lower Gas Prices: A Long Streak Since Summer 2022

Drivers are experiencing a welcome break at the gas pump. According to GasBuddy’s report, the average gas price in the U.S. has fallen for the tenth consecutive week.

Patrick De Hann, GasBuddy’s Head of Petroleum Analysis, shared, “With the national average price of gasoline declining for the 10th straight week, motorists are enjoying the longest downward trend at the pump since the summer of 2022.” This is especially good news as Americans enter the holiday season, giving them more savings for gift shopping.

As the colder weather keeps more people indoors, there’s a decline in gasoline demand. De Hann added, “Gasoline demand continues to be dragged lower as Americans stay inside more often, helping to put continued downward pressure on gasoline prices.”

Your car insurance rate can be influenced by various factors, from your credit score to your driving habits. For drivers looking to reduce their car insurance costs, a proven method is to find the best provider. Visit Credible to talk to a car insurance expert and get answers to your questions.

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