Gas Prices Currently Dropping at Fastest Rate in over a Decade

Gas prices have been extremely volatile this year, with the national average peaking above $5 per gallon in June. However, prices have now fallen for the past seven weeks straight, according to data collected by Gas Buddy.

President Joe Biden today tweeted that the current drop in gas prices is the fastest decline the country has seen in over a decade. The highest recorded average price of a gallon of regular was $5.02 in mid-June, per AAA, which today lists the national average at $4.19 per gallon. That’s a difference of 83 cents.

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While a gallon of regular still exceeds $5 on average in states such as Alaska, California, Hawaii, Oregon, and Nevada, there are 19 states where a gallon is offered for under $4. Again, that’s according to AAA’s list of state gas-price averages, which also lists eight states where drivers can fill up for an average of $3.77 or less. The cheapest of those is Texas, where regular is currently $3.69 per gallon on average.

AAA yesterday issued a report on the falling gas prices, including a chart that compares national gas prices between 2019 and 2022. It also pointed out that these lower prices could lead to increased demand, which could stymie the price drop.

“We know that most American drivers have made significant changes in their driving habits to cope with high gas prices,” said AAA spokesperson Andrew Gross. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”

It’s clear that there’s been a steady decline in recent weeks, but—as we explained in an in-depth article on gas-price trends last month—it’s best to be prepared for the unpredictable.

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