Gas prices are going down, dipping slightly by three cents since last week. The national average price for a gallon stands at $3.09. AAA says the reason is likely lower demand—the holidays are over and folks are driving less.
Gas prices are going down: Thank weak demand and high supply
“January is a bit of blah time of year, and gas prices are in the doldrums as well,” said Andrew Gross, AAA spokesperson. “Barring some unexpected shock to the global oil market, gas prices will likely shuffle up and down a few cents for a while.”
New data from the Energy Information Administration (EIA) shows gas demand nosedived from 9.17 to 7.95 million barrels per day last week. At the same time, total domestic gasoline stocks increased substantially by 10.9 million barrels to 237 million barrels. Gas prices are going down due to weak demand alongside increased supply. All of this has pushed pump prices lower. However, rising oil prices have limited price decreases. If gas demand remains weak, drivers will likely continue to see pump prices trickle downward.
Today’s national average of $3.09 is 15 cents less than a month ago and 17 cents less than a year ago.
Gas prices are going down: Here are the best and worst
Since last Thursday, these 10 states have seen the largest decreases in their averages: Ohio (−14 cents), Indiana (−10 cents), Florida (−9 cents), Delaware (−8 cents), Michigan (−8 cents), Maryland (−7 cents), Wyoming (−7 cents), Tennessee (−6 cents), Idaho (−6 cents) and Nebraska (−6 cents).
The nation’s top 10 most expensive markets: California ($4.71), Hawaii ($4.66), Washington ($4.11), Nevada ($3.94), Oregon ($3.76), Alaska ($3.62), Pennsylvania ($3.38), New York ($3.34), Arizona ($3.33) and Vermont ($3.28).
##RVT1138b
Yesterday I bought gas in Lewisburg, Pa for $2.959.gallon. In Scranton, Pa about 80 miles away It $3.369 Gallon. Not sure why the big price difference in North East Pa.
Hmmm….gas prices are going UP in the San Diego area, and the local news services are reporting even higher increase as California starts switching to it’s “summer” blends pretty soon
According to the article, it is low demand causing the downward pricing….. any chance most of the country just can’t afford gas anymore. I mean that was part the stated goal and the planets reward with higher prices.
Happy new year Bill.
Thanks Cancel and Happy New Year to you too !! Safe travels to you and yours
Average San Diego price just reported at $4.78 a gallon…😵💫
Yeah, all it took was the global Covid epidemic!
I don’t remember a global epidemic in 17, 18 or 19 but maybe I just missed it because had so much peace in the world from Ukraine to the middle east. All that prosperity and low interest rates probably got in the way of anyone even seeing the epidemic (pandemic) those 3 years.
Thank you, Russ and Tina! All posted regular unleaded gasoline prices I have seen around town (Chattanooga, Tennessee) this week have been in the $2.5x range, or lower (e.g., cash price). 🙂
P.S. EIA is my old agency. 🙂
Really? Not here in So. Cal. They’ve gone back up to near 5.00 again!
It’s an election year! And they claim they can’t control the economy. They’re lying to you once again!
Richard, sorry, but there is no magic button in the white house that allows a president to either lower or raise gas prices. Whoever told you that was lying to you.
-Sincerely,
Gary