Gas Prices Drop Nationwide: What You Need To Know About Current Trends

Gas prices are continuing to drop nationwide, and drivers in 11 states are enjoying averages below $3 per gallon, according to AAA. This decline in fuel costs comes as a relief to many, especially in a time when budgets are tight for many families. As of Tuesday, the average national gas price stood at an impressive $2.36 per gallon, showcasing a significant reduction from the previous week’s average of $3.33. If we look back to September 10, 2023, the national average was even higher at $3.83, highlighting a steep decline over the past few weeks.

The price at the pump has fallen steadily for months after peaking in the summer of 2022. AAA reported that the highest average cost of a gallon of gas was a staggering $5.02, recorded on June 14, 2022. So, what led to this drop in prices? AAA attributes the reduction primarily to plunging crude oil prices along with a low demand for gas in the U.S., which has contributed significantly to the decrease in fuel costs.

Currently, 11 states report average gas prices below $3. These include:

• Kansas: $2.98
• Missouri: $2.94
• Kentucky: $2.91
• Arkansas: $2.90
• Louisiana: $2.87
• South Carolina: $2.84
• Alabama: $2.84
• Texas: $2.83
• Oklahoma: $2.81
• Tennessee: $2.81
• Mississippi: $2.78

Other states are just barely above the $3 mark. For instance, North Carolina's average price per gallon is $3, while Ohio ($3.04), Georgia ($3.05), and Wisconsin ($3.06) follow closely behind. This price drop has also been noted in Florida, where approximately 23 percent of retailers have prices below $3 a gallon. Mark Jenkins from AAA Auto Club Group mentioned that this number is likely to grow in the coming week, as Florida's average price of $3.16 per gallon was the lowest recorded since February 12.

Marie Dodds, the government and public affairs director for AAA in Oregon and Idaho, emphasized that gas prices typically decline after Labor Day. As demand decreases following the summer driving season and the shift to winter-blend fuel occurs, prices are expected to continue falling in the weeks ahead. However, unforeseen events, such as refinery outages or geopolitical tensions, could impact this trend.

It's noteworthy that the most expensive gas prices remain on the West Coast. California currently has the highest state average at $4.73, followed by Hawaii ($4.65), Washington ($4.16), and Nevada ($3.98). AAA highlighted that it's common for six or seven states from this region to rank in the top 10 due to consistently tight gasoline supplies.