A combination of factors has prevented gasoline prices from rising sharply so far this summer. (iStock)
Gasoline prices fell by the most this year this week and are likely to continue to fall through the summer, according to the latest data from AAA. report.
The national average price for a gallon of gasoline was $3.48, down a whopping 8 cents from the previous week, and gas prices are likely to continue to fall as drivers head into the summer and plan Fourth of July road trips.
“The decline in gasoline prices appears to have some staying power for now,” AAA spokesman Andrew Gross said. “We expect to see more states drop below $3 a gallon in the coming weeks.”
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Gasoline is cheap in summer
Switching to summer fuel blends typically means higher costs at the pump because the blends are designed to reduce emissions during the summer months, when refining costs are higher. But this summer, lower crude oil prices and increased production of products could push prices even lower as drivers enter the summer driving season, said Patrick de Haan, head of petroleum analysis at NASA. GasBuddy.
“As May comes to an end, the gasoline price hike has ended, with the national average dropping to its lowest level since March,” DeHaan said. “GasBuddy data shows that gasoline demand has plummeted since Memorial Day, and with refineries pumping more oil into their facilities than in years, it’s very likely gasoline prices will continue to fall as we approach the Fourth of July.”
“Diesel prices also continue to fall and are at their lowest levels in 11 months,” DeHaan continued. “With fuel prices generally declining, the future looks bright, but caution is advised ahead of hurricane season.”
OPEC meeting and agreement to extend production cuts through 2025 unlikely to have a negative impact on gas prices As refiners ramp up productionDeHaan said.
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Save money by buying gas in these states
Gas prices are fluctuating for motorists across the country, with some states seeing higher average prices than others. Here are the 10 states with the lowest prices:
- Mississippi ($2.98)
- Arkansas ($3.00)
- Oklahoma ($3.00)
- Texas ($3.02)
- Kansas ($3.06)
- Louisiana ($3.06)
- Tennessee ($3.07)
- Missouri ($3.11)
- South Carolina ($3.13)
- Alabama ($3.15)
The 10 states with the biggest price changes are:
- Indiana (-17 cents)
- Alaska (-16 cents)
- Illinois (-13 cents)
- Florida (-13 cents)
- Michigan (-13 cents)
- Ohio (-13)
- Kentucky (-13)
- Nevada (-11)
- California (-11 cents)
- Wisconsin (-10 cents)
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