Gas Prices Continue Dropping

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On Monday, September 12, 2022, the national average gas price in the US drops even further, reaching $3.716. In only one week, this is a decrease of more than 6 cents, according to the American Automobile Association (AAA).

The trends for this week come after more than two months of petrol prices gradually falling after reaching a record high of $5.016 in June.

Currently, the average gallon of gas costs 6 cents less than it did a week ago and 21 cents less than it did a month ago, but it is still 66 cents more expensive than it was a year ago ($3.175). Gasoline prices varied around the country, rising as high as $5.405 and falling as low as $3. 144.

Gas Prices Drop for Over two Months

California continues to have the highest gas prices in the country, with the average gallon costing $5.405, a 2 cent increase from the previous week. It continues to have the highest gas prices in the country, $1.68 higher than the national average. While Mono county has the most expensive gas prices, with a staggering $6.429 for a gallon of gas, certain counties in California continue to experience exorbitant gas costs beyond the $ 5.60 threshold.

Similar to this, in 21 additional states, petrol prices are still higher than the current national average of $3.716 a gallon. Gas prices in Hawaii, Alaska, Nevada, Oregon, and Washington continue to be above the $4.60 threshold on average.

In most states, gas prices are still falling, with the exception of Hawaii, California, Alaska, and Nevada, where they are still higher than the national average.

Could We See Gas Going Down Further?

According to brand-new information from the Energy Information Administration (EIA), domestic gas reserves climbed by 300,000 barrels to reach 214.8 million barrels last week, while gas demand slightly increased from 8.59 million barrels per day to 8.73 million barrels per day.

Despite a small increase in gasoline demand, lowering pump prices are a result of decreased oil costs. Pump prices will probably continue to decline if gasoline demand starts to decline, as it usually does after Labor Day.

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