August 2024 Gas Value Replace: Most Areas Proceed to Decline – Gas

For the third straight week, the nation’s common value of gasoline has declined. In line with U.S. Power Data Administration (EIA) knowledge, the nationwide value for a gallon of gasoline has dropped to $3.38, which is three cents lower than final week.

The nationwide common is down 11 cents from a month in the past and is 48 cents per gallon decrease than a 12 months in the past, in keeping with EIA.

“Gasoline and diesel costs proceed to path off throughout a lot of the nation as summer season demand fades away. Decrease demand in different oil-consuming nations can also be serving to to guide the downward strain on pump costs as we strategy Labor Day,” GasBuddy Head of Petroleum Evaluation Patrick De Haan stated. “With little new motion within the Center East to rile up costs and Hurricane Ernesto remaining far out at sea, it appears just like the downward pattern might proceed into the week forward.”

As extra faculties start to renew, gasoline demand will possible proceed to ease, De Haan continued, together with the temperatures cooling off.

U.S. Regional Gasoline Costs as of August 19, 2024

Here is a have a look at costs by area in keeping with EIA knowledge, as of Aug. 19:

• East Coast: $3.29
• Midwest: $3.32
• Gulf Coast: $2.99
• Rocky Mountain: $3.47
• West Coast: $4.05

Nearly each area noticed a slight dip in gasoline costs besides the Rocky Mountain area. The Midwest area noticed the best lower week-over-week, with costs lowering by seven cents.

Here is a have a look at how the costs break down within the prime 10 least expensive states for gasoline proper now, in keeping with AAA knowledge as of Aug. 19:

As a result of nationwide dip, Oklahoma has joined Mississippi as the one two states with a mean gasoline value of underneath $3 per gallon. The earlier 9-cent hole between the states with costs above and under $3 is closing, with Tennessee ($3.01) seeing solely a 2-cent distinction from Oklahoma ($2.99).

U.S. Regional Gasoline Costs as of August 12, 2024

Within the second week of August, the common value of gasoline within the U.S. continues to dip ever so barely throughout the nation. In line with EIA knowledge, the nationwide value for a gallon of gasoline is down three cents this week, at $3.41.

Although the nationwide common is down 11.6 cents from a month in the past, it’s down 42.5 cents per gallon in comparison with a 12 months in the past, in keeping with GasBuddy.

“As summer season driving season involves a gradual shut, we proceed to see gasoline costs declining in many of the nation as demand stays muted,” De Haan stated. “So long as we are able to keep away from a significant hurricane threatening refineries within the Gulf area, I imagine we might see declines proceed into this week, with the nationwide common doubtlessly dipping to its lowest degree of the summer season.”

Whereas some states might also see gasoline costs rise to routine value biking, primarily within the Nice Lakes and Florida, De Haan continued, costs throughout the board stay decrease in each state in comparison with a 12 months in the past.

The looming hurricane season might have an effect on future costs, although, if exercise off the coast of the Atlantic picks up.

Diesel costs are the bottom they have been since January 2022. Try Work Truck to see which area has the bottom costs.

Here is a have a look at costs by area in keeping with EIA knowledge, as of Aug. 12:

• East Coast: $3.32
• Midwest: $3.39
• Gulf Coast: $2.99
• Rocky Mountain: $3.41
• West Coast: $4.07

Total, each area noticed a slight lower in gasoline costs. The East Coast area noticed the best lower week-over-week, with costs dipping 5 cents.

Here is a have a look at how the costs break down within the prime 10 least expensive states for gasoline proper now, in keeping with AAA knowledge as of Aug. 12:

Regardless of the nationwide dip, Mississippi maintains its underneath $3 per gallon value, with practically a 8-cent distinction between it and the second least expensive state for gasoline.

U.S. Regional Gasoline Costs as of August 6, 2024

To kick off August, costs on the pump are down in many of the nation. The nationwide common value of gasoline dropped 4 cents within the final week to $3.44, in keeping with the EIA. Costs year-over-year are down 38 cents.

This week’s drop is the byproduct of a jobs report, a GasBuddy analyst believes.

“With oil costs plummeting attributable to new issues over the U.S. economic system after a poor jobs report, gasoline costs have seen draw back in lots of states, with potential for extra to hitch that pattern this week as earlier refinery disruptions within the Nice Lakes area fade away and the restart course of begins,” De Haan stated.

Whereas all eyes within the Southeast are on Tropical Storm Debby, De Haan stated the storm poses low danger to refineries or refined product pipelines, so it isn’t a significant concern. He stated he expects gasoline costs in most states to softly decline within the week forward, with rising tensions within the Center East being a wildcard.

Diesel costs are down throughout the board. Try Work Truck to see which area has the bottom costs.

Here is a have a look at how costs break down by area in keeping with EIA knowledge, as of August 6:

• East Coast: $3.37
• Midwest: $3.47
• Gulf Coast: $3.01
• Rocky Mountain: $3.43
• West Coast: $4.08

During the last week, costs rose solely within the Rocky Mountain area. The Gulf Coast noticed the best drop in costs, sinking 8 cents.

Here is an inventory of the ten lowest common costs per gallon, in keeping with AAA knowledge as of August 6:

Mississippi maintains its underneath $3 per gallon value, with practically a 9-cent distinction between it and the second least expensive state for gasoline.