WASHINGTON, D.C. (August 8, 2024)—Falling by just three cents since last week, the national average for a gallon of unleaded gasoline hit $3.45, similar to the price in June.
“With Tropical Storm Debby drifting up the I-95 corridor to visit the Mid-Atlantic and Northeast, the threat to Gulf Coast oil production and refining is over,” said Andrew Gross, AAA spokesperson. “But tensions in the Middle East and some overseas economic uncertainty may mitigate any drop in oil prices.”
According to new data from the Energy Information Administration (EIA), gas demand fell from 9.25 million b/d to 8.96 last week. Meanwhile, total domestic gasoline stocks rose from 223.8 to 225.1 million barrels.
Gasoline production increased last week, averaging 10.0 million barrels per day. Crude oil production hit an all-time high of 13.4 million barrels per day. Lower gasoline demand, rising supply, and stable oil costs may lead to sliding pump prices.
Today’s national average for a gallon of gas is $3.45, five cents less than a month ago and 37 cents less than a year ago.
Since last Thursday, these 10 states have seen the largest weekly decreases in their gas price averages: Ohio (-11 cents), Colorado (-7 cents), Tennessee (-7 cents), Illinois (-7 cents), Michigan (-6 cents), Delaware (+5 cents), Georgia (-4 cents), Kentucky (-4 cents), Oklahoma (-4 cents) and Missouri (-4 cents).
The nation’s top 10 least expensive gasoline markets are Mississippi ($2.96), Tennessee ($3.03), Louisiana ($3.04), Arkansas ($3.06), Texas ($3.06), Oklahoma ($3.06), Alabama ($3.09), South Carolina ($3.09), Missouri ($3.15) and Kansas ($3.15).
Thanks for the good news.
Thank you, RV Travel! 🙂 While DW was out and about, running errands Wednesday, she filled the Jeep. It took 18 gallons and was $2.67/gallon. Guess we are below average here in the southeastern corner of East Tennessee. 🙂 Thanks again, have a great weekend, safe travels, and safe stays! 🙂
Check that, it was $2.68/gallon after getting our 5¢ discount with our gasoline “club” card.
Gas prices have come down because the election is coming up. If the anti-oil party wins prices will skyrocket again as they did in 2020. Expect higher prices than ever seen before if anti oil party wins.
False. Current party has been making the US more energy independent, with oil, than the last. This has been a long term effort addressing crazy prices that were GLOBAL. US in much better position than anyone thanks to adults in the room
To believe that, a complete suspension of reality is required.
This is totally BS. The government has nothing to do with prices. It’s is the same companies which received the largest tax giveaway ever in 2017 that control prices
Do you mean the tax giveaways that brought us world peace, low unemployment, 1.4% inflation, growing paychecks, low credit card debt, lower migration and did I mention….World Peace…. you know, we didn’t have those pesky little wars in Ukraine and the Middle East with those “giveaways”. Oh I forgot, 1.4% inflation…. Oops, I already mentioned that.
“Crude oil production hit an all-time high of 13.4 million barrels per day.”
But don’t let the facts (you can check with the National Petroleum Institute) get in the way of the politically expedient myth that the current administration has shut down production and is preventing producers from drilling. The truth is they make more money exporting production rather than reopening refineries shuttered during Covid with the added bonus of bludgeoning the current administration for daring to try to move us toward alternative energy without as many dire environmental consequences.
Of course they are pumping inventory…. it’s $77.00/barrel. That’s how it works JP. Why hold back until it’s $40.00/barrel. Make hay while they can.
And yet, we have drained the SPR for domestic use during a time of war and uncertainty….. Square that circle for us JP.
IRAN is rich again funding bombs and wars in the Middle East, Russia is selling LNG into the European markets at a record pace funding Ukraines destruction, Venezuela exports the dirtiest oil at record quantities and eggs are $8 dozen. All is well.
Alternative fuel…. like 7 new charging stations for $7.5 billion tax dollars. Yup, that’s going pretty good too.
Corporate greed…again.
From the same companies which received the largest tax giveaway ever in 2017. Just proves trickle down is a myth.
How exactly would trickle up work? Would the paychecks be written by the least wealthy? Would the poor invest capital into R&D?
This is a serious question Ron and JB. Please explain how trickle up would work in any economy. It seems to me that was how it worked before 1776 in this Coloney. I’m pretty sure that is how it still works in Cuba.
Again gentelmen, I ask how trickle up would work? What’s the plan?
The price of fuel is down because of the presidential election coming up in November. Biden’s regime is draining our strategic petroleum reserves to artificially keep the prices down. After the election we can expect fuel prices to go up, whoever is elected. There are so many factors involved with the price of fuel. I know that the cost of building new oil refineries and maintaining old ones has gone up significantly. With any product or service, it comes down to supply, demand and compitition. Oil companies like any other company needs to be profitable to stay in businesses. I would love to see a government that would enhance compitition. It’s good for our country and it’s citizens.
How about adding diesel fuel prices to these stories? Yes, I do know you track the numbers on the main page but there is no mention here. I am sure a large percentage of your readership are just as interested (or more) in diesel prices. Do you have any poll results on that?
It must be an election year….
Don’t act like fuel prices aren’t still high, They Are! But, since this is a West Coast publication where your fuel costs are probably the highest in the nation, taxes, gov’t give away, regulation s it’s no wonder you publish this.