(July 6, 2022) WASHINGTON, D.C. (July 5, 2022)—The national average for a gallon of gasoline fell to $4.80, down eight cents over the past week. The primary reason for the decline is lower demand at the pump as fewer people fueled up over the past two weeks. The lull, however, could end with the arrival of the summer driving season.

“Domestic gasoline demand dipped recently, which took some of the pressure off of pump prices. About 80% of stations are now selling regular for under $5 a gallon,” said Andrew Gross, AAA spokesperson. “But July is typically the heaviest month for demand as more Americans hit the road, so this trend of easing prices could be short-lived.”

According to the latest Energy Information Administration (EIA) data, gas demand currently sits at 8.93 million barrels a day, which is lower than last year’s rate of 9.11 million barrels a day at the end of June. On the other hand, total domestic gasoline stocks increased by 2.6 million barrels to 221.6 million barrels. These supply/demand dynamics, along with decreasing oil prices, have pushed pump prices lower. If these trends continue, drivers will likely continue to see relief at the pump.

Today’s national average of $4.80 is four cents less than a month ago and $1.67 more than a year ago.

Quick Stats

The nation’s top 10 largest weekly decreases: Texas (−13 cents), Delaware (−13 cents), Arizona (−12 cents), Illinois (−12 cents), Indiana (−12 cents), Ohio (−12 cents), South Carolina (−11 cents), Florida (−11 cents), Virginia (−11 cents) and Maryland (−10 cents).

The nation’s top 10 least expensive markets: South Carolina ($4.29), Georgia ($4.30), Mississippi ($4.31), Louisiana ($4.35), Arkansas ($4.35), Texas ($4.39), Alabama ($4.39), Tennessee ($4.41), North Carolina ($4.43) and Oklahoma ($4.50).