US Gas Prices Continue To Decline For 7 Weeks Straight

Industry News / 28 Comments

Thankfully, they are expected to continue falling ahead of a busy travel month.

  • The national average currently stands at $4.17 per gallon
  • Prices have dropped nearly 90 cents since June.

Americans continue to see relief at the pumps after gas prices peaked at five dollars a gallon in June this year. Ongoing war efforts overseas and inflation remain the cause. But President Biden has been working hard to lower the cost of gas. Now we're seeing record falls, and the downward trend is expected to continue.

The national average stands at $4.17 per gallon, according to a survey by 11 million individuals who observed over 150,000 gas stations. This represents an almost 16-cent drop from last week and considers the most expensive state and the cheapest. Diesel has seen less change, dropping nearly 15 cents, and is now $5.27 per gallon filled.

Currently, you'll be paying $108.42 to fill a Ford F-150 SuperCrew's gas tank. Seven weeks ago, the same exercise would have cost $131.82.

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The most common price observed was $3.99 a gallon, followed by $3.79, $3.89, $3.69, and $4.09 for regular gas. In all, prices have dropped nearly 90 cents since June. The cheapest average belongs to Texas, which is holding at $3.67. South Carolina is not far behind at $3.69, followed by Oklahoma at $3.72.

The study also reports that demand increased just two percent last week for purchasing gas. EV demand is much greater, as registrations for electric vehicles rose 60% in May.

The consequence of the initial spike now has more people considering an EV for their next car. Aided by consumer demand, Biden has committed a $700 million investment in installing more chargers.

As EVs continue to gain popularity and demand for gas remains relatively low, prices could reach where they were a year ago. We're still tracking more than a dollar compared to the summer of 2021, when the cost per gallon hovered slightly over three dollars.

The future is catching up to us, with Hyundai taking charge against Tesla for US market share and other companies who have joined the EV fray. The gas price spike may have been the jumpstart EVs needed to gain popularity.

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