(July 19, 2022) WASHINGTON, D.C. — The national average for a gallon of gas fell 15 cents since last week to $4.52. The steady decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil. The cost of a barrel of oil is in the mid-$90s, down from around $110 two weeks ago.

“Global economic headwinds are pushing oil prices lower and less expensive oil leads to lower pump prices,” said Andrew Gross, AAA spokesperson. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.”

According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million barrels a day to 8.06 million barrels a day last week, while total domestic gas stocks increased by 5.8 million barrels. The decrease in demand and declining oil prices have helped push pump prices down. As these supply/demand dynamics hold, drivers will likely continue to see price relief at the pump.

Today’s national average of $4.52 is 46 cents less than a month ago and $1.36 more than a year ago.

Quick Stats

The nation’s top 10 largest weekly decreases: Washington, D.C. (−21 cents), Ohio (−20 cents), Texas (−19 cents), Arizona (−19 cents), California (−19 cents), Wisconsin (−19 cents), Oklahoma (−19 cents), Kentucky (−19 cents), Michigan (−18 cents) and Tennessee (−18 cents).

The nation’s top 10 least expensive markets: South Carolina ($4.02), Texas ($4.03), Georgia ($4.03), Mississippi ($4.04), Louisiana ($4.07), Alabama ($4.09), Tennessee ($4.10), Arkansas ($4.11), North Carolina ($4.17) and Kentucky ($4.18).