Topline
The two-month tumble in U.S. gas prices shows no sign of slowing as fall approaches, which typically brings a seasonal drop in demand that experts say could push the national average below $3.50 a gallon–but cheaper prices are already here in these states.
A nationwide tumble in gas prices could continue into the fall, which typically brings waning … [+]
Key Facts
Arkansas boasts the cheapest statewide average price for a gallon of regular gasoline at $3.42, according to AAA, followed by Mississippi, Georgia and Texas, which all have average prices of $3.44.
Also in the sub-$3.50 club are Tennessee ($3.45), Louisiana ($3.47), South Carolina ($3.47), Missouri ($3.48), Alabama ($3.48) and Kansas ($3.49).
Gas prices in Kentucky ($3.51) could drop below $3.50 by Sunday, with Oklahoma ($3.52) and Florida ($3.55) up next.
The national average for a gallon of regular gas is $3.91, according to AAA.
Contra
Gas prices in California and Hawaii remain above $5 a gallon on average, with a handful of rural counties selling gas for more than $6 a gallon. The average gas price in California’s Alpine County, which straddles the Nevada border, is $6.80 a gallon, according to AAA, with gas going for $6.50 a gallon in neighboring Mono County. Gas in Esmeralda County, Nevada, which borders Mono County, is selling for $6.32 on average.
Key Background
Gas prices skyrocketed during the first half of 2022, peaking at $5.02 per gallon on average in the U.S. on June 14, according to AAA. A surge in the price of crude oil, driven by factors like declining U.S. refining capacity and an embargo on Russian oil in response to its invasion of Ukraine, led to the price shooting up. But the sky-high prices have rapidly collapsed due to softening demand and concerns about a recession—conditions that will likely persist in coming weeks. GasBuddy analyst Patrick De Haan tweeted Friday that prices “almost *always” go down in the fall” due to declining demand.
Further Reading
As U.S. Gas Prices Top $5, Here Are The States Where It’s Most Expensive And Cheapest (Forbes)
$3 gas could be around the corner (CNN)
U.S. Gas Prices Drop Close To $4 A Gallon—Here Are The States Where It’s Already Cheaper (Forbes)
Source: https://www.forbes.com/sites/nicholasreimann/2022/08/20/gas-drops-below-350-a-gallon-in-these-10-states-with-more-likely-to-come/