AAA photo

(July 12, 2022) WASHINGTON, D.C. — Pump prices declined again, falling another 12 cents since last week to $4.67. The dip in the national average for a gallon of gas occurred despite a slight rise in demand, likely due to robust July 4th holiday automobile travel. AAA forecasted that 42 million people would hit the roads for the holiday weekend, a new record.

“Usually, more people buying gas would lead to higher pump prices,” said Andrew Gross, AAA spokesperson. “But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas.”

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.92 million barrels a day to 9.41 million barrels a day ahead of the 4th of July holiday, while total domestic gas stocks decreased by 2.5 million barrels. Typically, these supply/demand trends would put upward pressure on pump prices; however, falling oil prices have contributed to lower pump prices.

Today’s national average of $4.67 is 32 cents less than a month ago and $1.53 more than a year ago.



Quick stats

The nation’s top 10 largest weekly decreases: Texas (−18 cents), Ohio (−17 cents), Illinois (−17 cents), California (−16 cents), Wisconsin (−15 cents), Indiana (−15 cents), Kentucky (−15 cents), Alabama (−15 cents), Virginia (−14 cents) and Florida (−14 cents).

The nation’s top 10 least expensive markets: South Carolina ($4.18), Georgia ($4.18), Mississippi ($4.18), Louisiana ($4.22), Texas ($4.22), Alabama ($4.25), Arkansas ($4.26), Tennessee ($4.28), North Carolina ($4.31) and Kentucky ($4.37).