Gas prices decline slightly as summer's end approaches

(September 8, 2023) WASHINGTON, D.C. — The national average for a gallon of gas fell following Labor Day, declining two pennies since last week to $3.80. The decrease comes despite a recent spike in the price of oil, the primary ingredient in gasoline.

“Pump prices appear to be defying the odds at the moment, despite a boost in the cost of oil,”  said Andrew Gross, AAA spokesperson. “This uneasy balancing act may last until we get beyond hurricane season.”

According to new data from the Energy Information Administration (EIA), gas demand increased from 9.07 to 9.32 million barrels a day last week. Meanwhile, total domestic gasoline stocks dropped from 217.4 to 214.7 million barrels. Rising oil prices, higher gas demand, and tighter supply may push pump prices higher.

Today’s national average of $3.80 is two cents less than a month ago but four cents less than a year ago.

Quick stats

    •    Since last Thursday, these 10 states have seen the largest changes in their averages: Michigan (−7 cents), Wisconsin (−7 cents), California (+6 cents), Nevada (+6 cents), Delaware (−6 cents), Ohio (−6 cents), Washington, D.C. (−6 cents), Maryland (−6 cents), South Carolina (−5 cents) and Tennessee (−5 cents).

    •    The nation’s top 10 least expensive markets: Mississippi ($3.28), Louisiana ($3.35), Texas ($3.37), Tennessee ($3.39), Alabama ($3.40), Arkansas ($3.40), South Carolina ($3.45), Kentucky ($3.47), Missouri ($3.49) and North Carolina ($3.50).