Despite the rise in temperatures, gas prices keep it cool

(June 14, 2024) WASHINGTON, D.C. — Another week, another slide in gas prices as the national average for a gallon of gasoline dipped two cents since last Thursday to $3.46. The main reasons for the decline are lackluster gasoline demand and burgeoning supply.

“Gasoline demand has trailed 2023 for most of this year, and analysts believe economic uncertainty may suppress demand this summer,” said Andrew Gross, AAA spokesperson. “So, is the typical robust summer driving season a thing of the past? Or is gas demand just taking longer to pick up steam?  We may not know until autumn.”

According to new data from the Energy Information Administration (EIA), gas demand crept higher from 8.94 million barrels a day to 9.04 last week. Meanwhile, total domestic gasoline stocks jumped from 230.9 to 233.5 million barrels as production increased last week, averaging 10.1 million barrels per day. Mediocre gasoline demand, increasing supply, and stable oil costs will likely lead to falling pump prices.

Today’s national average is $3.46, 15 cents less than a month ago and 13 cents less than a year ago.

Quick Stats

Since last Thursday, these 10 states have seen the largest changes in their averages: Ohio (+17 cents), California (-10 cents), Nevada (-10 cents), Alaska (-10 cents), Michigan (+9 cents), Illinois (-9), Indiana (+9), Florida (-8), Washington (-7 cents), and Utah (-7 cents).

The nation’s top 10 least expensive markets are Mississippi ($2.93), Arkansas ($2.95), Oklahoma ($3.01), Louisiana ($3.01), Texas ($3.02), Kansas ($3.02), Tennessee ($3.03), Missouri ($3.05), Alabama ($3.08), and South Carolina ($3.11).