Gas prices continue to decline this summer, giving drivers some relief at the pump. The national average for a gallon of regular gasoline fell three cents this past week to $3.13, according to AAA. That’s the lowest late-August price since 2020, when the average was $2.18.
The drop has prompted speculation about whether the national average could fall below $3 in the weeks ahead. Analysts say it’s possible, but note that oil prices remain volatile and factors such as severe weather or global conflicts could quickly change the outlook.
Here’s how prices compare:
* Today: $3.137
* One week ago: $3.160
* One month ago: $3.140
* One year ago: $3.397
New data from the Energy Information Administration shows gasoline demand declined slightly to 8.84 million barrels per day, while supplies fell to 223.6 million barrels. Gasoline production also dipped to 9.6 million barrels per day. U.S. crude inventories dropped by 6 million barrels last week, with West Texas Intermediate crude closing at $63.21 a barrel.
State-by-state picture:
The most expensive markets remain on the West Coast, led by California ($4.49), Hawaii ($4.46) and Washington ($4.39). The least expensive are concentrated in the South, with Mississippi ($2.68), Oklahoma ($2.70) and Louisiana ($2.72) at the bottom of the list.
For electric vehicle drivers, the national average for public charging stayed unchanged at 36 cents per kilowatt hour. Prices vary widely, from a high of 51 cents in Alaska to a low of 25 cents in Kansas.
With summer nearing its end, experts say drivers could continue to see lower fuel prices, provided crude oil remains steady and major storms or global disruptions don’t hit energy markets.
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