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Are Gas Prices Dropping Nationwide? A Look At The States With The Lowest And Highest Fuel Costs

Are Gas Prices Dropping Nationwide? A Look At The States With The Lowest And Highest Fuel Costs

Drivers may find some relief at the pump this summer as gas prices have fallen nationwide, but experts warn prices could remain unpredictable.

Will gas prices continue to drop?

On Thursday, AAA reported that the national average price of gas had declined for three consecutive weeks since May 21, falling from $4.56 to $4.12 per gallon as crude oil prices stayed below $100 per barrel.

According to recent data from the Energy Information Administration, gasoline demand and production increased last week, while domestic gasoline supplies remained relatively stable. Demand rose from 8.59 million to 8.73 million barrels per day, production averaged 9.7 million barrels per day, and total supply edged up to 215.1 million barrels.

Despite the recent decline in gas prices, experts caution that prices remain vulnerable to global events, including tensions involving Iran. Much of the concern centers on the Strait of Hormuz, a major energy supply route, and any disruption could lead to higher fuel costs.

The states with lower gas prices in recent weeks

Gas prices in Minnesota have declined in recent weeks, averaging $3.87 per gallon, nearly 50 cents less than last month but more than $1 higher than the same time last year, according to AAA and KSTP.

While state residents say things could be moving in the right direction, what happens in the Middle East remains a determining factor in the future of gas prices. Bob McNally, an oil analyst, said prices could remain elevated.

“And that we still could see upward prices, upward pressure on prices later this summer because of the size of the hole that has been ripped into the global oil market,” he told KSTP.

Alabama is another state that has seen gas prices fall in recent weeks. In Birmingham, prices dropped 11.3 cents per gallon over the past week, bringing the average price to $3.68 per gallon.

Across Alabama, the lowest price was $3.22 per gallon and the highest was $4.99 per gallon, according to GasBuddy’s latest survey of 550 stations in the metro area and ABC 33/40 News.

The states with the highest and lowest fuel costs, explained

Gas prices across the U.S. remain highly unpredictable, with several factors driving price fluctuations. AAA recently compiled a list of states with the highest and lowest average gas prices in the country.

The nation’s top 10 most expensive gasoline markets:

  • California ($5.80)
  • Hawaii ($5.58)
  • Washington ($5.56)
  • Alaska ($5.15)
  • Oregon ($5.04)
  • Nevada ($4.96)
  • Arizona ($4.48)
  • Idaho ($4.46)
  • Illinois ($4.44)
  • New York ($4.40)

The nation’s 10 least expensive gasoline markets:

  • Indiana ($3.39)
  • Texas ($3.58)
  • Oklahoma ($3.61)
  • Tennessee ($3.68)
  • Louisiana ($3.69)
  • Kentucky ($3.69)
  • Mississippi ($3.71)
  • South Carolina ($3.73)
  • Alabama ($3.73)
  • Arkansas ($3.74)

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