(October 18, 2022) WASHINGTON, D.C. — Fears of a global economic recession led to a major drop in the price of crude, down $7, which helped to minimize pump price increases last week. Meanwhile, domestic gasoline demand decreased as fewer drivers fueled up in the first half of October. According to the Energy Information Administration (EIA), gas demand decreased nationally from 9.47 million barrels a day to 8.28 million barrels a day, and total domestic gasoline stocks increased by 2 million barrels to 209.5 million barrels, according to statistics compiled by AAA.

Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward. If demand continues to drop coupled with a slide in oil prices, drivers could see increases in prices at the pump start to slow and even come down through the week.

The national average pump price for a gallon of gas decreased three cents over the past week to hit $3.88. Today’s national average of $3.88 is 20 cents higher than a month ago and 56 cents more than a year ago.

Quick Stats

The nation’s top 10 largest weekly decreases: California (−28 cents), Wisconsin (−23 cents), Oregon (−19 cents), Nevada (−18 cents), Michigan (−16 cents), Washington (−14 cents), Alaska (−12 cents), Indiana (−12 cents), Ohio (−12 cents) and Arizona (−10 cents).

The nation’s top 10 least expensive markets: Georgia ($3.25), Texas ($3.30), Mississippi ($3.33), South Carolina ($3.37), Arkansas ($3.38), Tennessee ($3.38), Louisiana ($3.40), Florida ($3.40), Alabama ($3.43) and Missouri ($3.46).