Gas price limbo — How low will it go?



(August 16, 2022) WASHINGTON, D.C. — The national average for a gallon of regular gas fell 10 cents in the past week to $3.95, due primarily to stable oil prices and fewer drivers than usual fueling up. AAA finds that drivers are making significant changes to cope with high pump prices. In a recent survey, almost two-thirds of U.S. adults have changed their driving habits or lifestyle since March. Drivers’ top two changes to offset high gas prices are driving less and combining errands.

“Falling pump prices may eventually lead to more drivers hitting the road again,” said Andrew Gross, AAA spokesperson. “But that hasn’t happened yet. Instead, many drivers are waiting for prices to fall further before reverting to their typical driving habits.”

According to data from the Energy Information Administration (EIA), gas demand rose from 8.54 million barrels a day to 9.12 million barrels a day last week. However, the rate is 307,000 barrels a day lower than last year.

Also, total domestic gasoline stocks decreased by 5 million barrels to 220.3 million barrels. Although gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices. If oil prices edge lower, drivers will likely see falling pump prices.

Today’s national average of $3.95 is 62 cents less than a month ago, but 77 cents more than a year ago.

Quick Stats

The nation’s top 10 largest weekly decreases: Maine (−19 cents), Colorado (−18 cents), West Virginia (−16 cents), Arizona (−15 cents), Illinois (−15 cents), New Mexico (−14 cents) Florida (−13 cents), Nebraska (−13 cents), Arkansas (−13 cents) and Kansas (−13 cents).

The nation’s top 10 least expensive markets: Texas ($3.45), Arkansas ($3.47), Tennessee ($3.50), Oklahoma ($3.50), South Carolina ($3.50), Georgia ($3.51), Mississippi ($3.52), Kansas ($3.53), Missouri ($3.53) and Alabama ($3.54).