Slow and steady — Gas prices keep edging lower

(November 4, 2023) WASHINGTON, D.C. — Maintaining a steady if unspectacular pace, the national average for a gallon shaved off nine cents since last week, falling to $3.44. The primary reasons are flat demand at the pump and lower costs for oil. 

“There are now thousands of gas stations selling regular below $3 a gallon and even a few that have dipped below $2,” said Andrew Gross, AAA spokesperson. “We still need to watch global events for the effect on oil prices, but for now, drivers will benefit from falling prices with every visit to the pump.”

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.86 to 8.7 million barrels a day last week. Meanwhile, total domestic gasoline stocks remained flat at 223.5 million barrels. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If the price of oil remains low, drivers can expect to see further price drops.

Today’s national average of $3.44 is 37 cents less than a month ago and 32 cents less than a year ago.

Quick Stats

    •    Since last Thursday, these 10 states have seen the largest decreases in their averages: Arizona (−19 cents), Montana (−16 cents), California (−14 cents), Colorado (−14 cents), Oklahoma (−12 cents), New Mexico (−12 cents), Iowa (−11 cents), Nevada (−11 cents), North Dakota (−11 cents) and Alaska (−11 cents).

    •    The nation’s top 10 least expensive markets: The nation’s top 10 least expensive markets: Texas ($2.93), Georgia ($2.93), Mississippi ($2.94), Louisiana ($3.01), South Carolina ($3.02), Alabama ($3.02), Arkansas ($3.04), Tennessee ($3.06), Oklahoma ($3.09) and Kentucky ($3.11).