(August 9, 2024) WASHINGTON, D.C. — Falling by just three cents since last week, the national average for a gallon of gas hit $3.45, similar to the price in June.  “With Tropical Storm Debby drifting up the I-95 corridor to visit the Mid-Atlantic and Northeast, the threat to Gulf Coast oil production and refining is over,” said Andrew Gross, AAA spokesperson. “But tensions in the Middle East and some overseas economic uncertainty may mitigate any drop in oil prices.”

According to new data from the Energy Information Administration (EIA), gas demand fell from 9.25 million barrels a day to 8.96 last week. Meanwhile, total domestic gasoline stocks rose from 223.8 to 225.1 million barrels. Gasoline production increased last week, averaging 10.0 million barrels per day. Crude oil production hit an all-time high of 13.4 million barrels per day. Lower gasoline demand, rising supply, and stable oil costs may lead to sliding pump prices.  

Today’s national average for a gallon of gas is $3.45, five cents less than a month ago and 37 cents less than a year ago.

Quick stats

Since last Thursday, these 10 states have seen the largest weekly changes in their gasoline averages: Ohio (-11 cents), Colorado (-7 cents), Tennessee (-7 cents), Illinois (-7 cents), Michigan (-6 cents), Delaware (+5 cents), Georgia (-4 cents), Kentucky (-4 cents), Oklahoma (-4 cents), and Missouri (-4 cents).

The nation’s top 10 least expensive gasoline markets are Mississippi ($2.96), Tennessee ($3.03), Louisiana ($3.04), Arkansas ($3.06), Texas ($3.06), Oklahoma ($3.06), Alabama ($3.09), South Carolina ($3.09), Missouri ($3.15) and Kansas ($3.15).