According to the most recent AAA survey, gas costs dropped the most this year and are expected to continue to fall throughout the summer.
The national average price for a gallon of gas was $3.48, a notable eight-cent drop from the previous week. The decreased gas prices are likely to last as travelers prepare for summer and plan Fourth of July road vacations.
“This drop in pump prices appears to have some staying power for the time being,” AAA spokesperson Andrew Gross said. “More states should see their averages dip below $3 a gallon in the coming weeks.”
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Summer Gas is Cheaper
Switching to summer blend fuel often raises gas prices because it is meant to reduce emissions during the summer and is more expensive to refine. However, according to Patrick De Haan, head of petroleum analysis at GasBuddy, a combination of reduced oil prices and increased product output means prices are likely to fall further this summer, even as drivers enter the peak of the summer season.
“The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March,” said DeHaan. “With GasBuddy data showing gasoline demand plummeting after Memorial Day and refiners pumping the most oil into their facilities in years, it’s very likely that gas prices will continue to fall as we approach July 4.”
“Diesel prices also continue to decline to their lowest level in nearly 11 months,” said DeHaan. “The future looks bright for falling fuel prices across the board, though we’ll have to keep our eyes on hurricane season.” According to DeHaan, the OPEC summit and agreement to extend production restrictions until 2025 will not have a detrimental influence on gas prices as refiners ramp up supplies.
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Buy Gas in These States to Save Money
Gas prices for motorists nationally differed, with some states reporting higher averages than others. These ten states had the lowest pricing.
- Mississippi ($2.98)
- Arkansas ($3.00)
- Oklahoma ($3.00).
- Texas ($3.02).
- Kansas ($3.06).
- Louisiana ($3.06).
- Tennessee ($3.07).
- Missouri ($3.11)
- South Carolina ($3.13)
- Alabama ($3.15)
Prices in these ten states fluctuated the most.
- Indiana (minus 17 cents)
- Alaska (- 16 cents)
- Illinois (-13 cents).
- Florida (minus 13 cents)
- Michigan (minus 13 cents)
- Ohio (-13)
- KY (-13)
- Nevada (-11)
- California (- 11 cents)
- Wisconsin (-10 cents).
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Conclusion
Gas prices are falling countrywide, with the current average at $3.48 per gallon, down eight cents from last week. Summer gas costs are projected to decline further, helping drivers who plan trips. Lower oil prices and rising supply point to more falls. Motorists can also save by looking into lower auto insurance options. Visit Credible to compare rates without affecting your credit score.