(September 29, 2023) WASHINGTON, D.C. — Despite tepid demand with fewer drivers visiting the pump, the national average for a gallon of gas only fell three cents since last week to reach $3.83. The slow descent is due to the high cost of oil, which is acting like a drogue chute on falling gas prices. 

“Oil is stubbornly staying above $90 per barrel for now, and it’s the main ingredient in gasoline,” said Andrew Gross, AAA spokesperson. “Gas prices will likely keep falling, but it’s going to be slow and unsteady, so expect some days where it might edge higher a bit.”  

According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.41 to 8.62 million barrels a day last week; however, it is below last year’s rate of 8.83 million barrels a day during the same week in September 2022. Meanwhile, total domestic gasoline stocks increased by 1 million barrels to 220.5 million barrels. Growing supply, amid tepid demand, has pushed prices lower. Still, fluctuating oil prices have limited seasonal price decreases typically seen as the country settles into the lower-demand fall driving season.

Today’s national average of $3.83 is two cents more than a month ago and seven cents more than a year ago.

Quick Stats

    •    Since last Thursday, these 10 states have seen the largest changes in their averages: California (+24 cents), Delaware (−20 cents), Iowa (−15 cents), Nevada (+13 cents), Oklahoma (−12 cents), Maryland (−12 cents), Florida (−11 cents), Ohio (−10 cents), Wisconsin (−10 cents) and Missouri (−9 cents).

    •    The nation’s top 10 most expensive markets: California ($6.03), Nevada ($5.19), Washington ($5.08), Hawaii ($4.87), Oregon ($4.72), Arizona ($4.69), Alaska ($4.62), Utah ($4.18), Montana ($4.16) and Idaho ($4.13).