Gas prices could dip below $3 if Mother Nature cooperates

WASHINGTON, D.C. (November 14, 2024)—The national average for a gallon of gas is now less than a dime away from dipping below $3 for the first time since May of 2021. But the possible formation of a new hurricane in the Gulf of Mexico could delay or even temporarily reverse the decline in pump prices. Since last week, the national average dropped two cents to $3.08.

“Hurricane Rafael fizzled out, but now we are facing the possible formation of Hurricane Sara,” said Andrew Gross, AAA spokesperson. “Some of the early tracking models have her heading toward Florida by the middle of next week, so stay tuned.”

AAA tracks the average kilowatt-per-hour cost for all levels of public charging by state. Today’s national average for a kilowatt of electricity at a public charging station stayed at 34 cents.

According to new data from the Energy Information Administration (EIA), gas demand rose from 8.82 million b/d last week to 9.38. Meanwhile, total domestic gasoline stocks fell from 211.3 million barrels to 206.8, while gasoline production increased last week, averaging 10.3 million barrels per day.

Today’s national average for a gallon of gas is $3.08, 12 cents less than a month ago and 27 cents less than a year ago.

Quick stats

The nation’s top 10 most expensive gasoline markets are Hawaii ($4.58), California ($4.48), Washington ($3.99), Nevada ($3.76), Oregon ($3.56), Alaska ($3.52), Pennsylvania ($3.26), Washington D.C. ($3.25), Illinois ($3.25), and Idaho ($3.19).

The nation’s top 10 least expensive gasoline markets are Oklahoma ($2.59), Mississippi ($2.66), Texas ($2.68), Missouri ($2.69), Arkansas ($2.70), Kansas ($2.71), Tennessee ($2.72), Louisiana ($2.76), Alabama ($2.76) and Iowa ($2.78).

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