Low gas prices could continue into the summer, saving drivers quite a bit of money
- Gas prices are the lowest they’ve been in years as the national average is $3.167 per gallon.
- That’s nearly 50 cents cheaper than a year ago and is far less than 2022’s all-time record highs.
- Low prices could continue, although where you live has a big impact on what you pay.
The summer driving season is right around the corner, but there could be some relief as gas prices are the lowest they’ve been in years. The national average for a gallon of gas is $3.167, which is significantly less than last year’s average of $3.660 at this time.
2023 prices were similar to those experienced the following year, while 2022 was a record setter for all the wrong reasons. That summer, prices reached their all-time average highs of $5.016 per gallon of gas and $5.816 per gallon of diesel.
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Thankfully, those prices are a distant memory. However, they vary wildly by state as the average price for a gallon of gas is $4.85 in California, $4.51 in Hawaii, and $4.33 in Washington. That stands in stark contrast to $2.70 in Mississippi and Tennessee as well as $2.73 in Texas.
AAA says the low prices are being fueled by soft demand and could continue into the future thanks, in part, to the lowest crude oil prices in years. They also noted that while domestic gasoline supply decreased by 2 million barrels last week, gasoline production climbed to an average of 9.4 million barrels per day.
While a variety of factors are at play, economic concerns are on everyone’s mind due to the global trade war. Many are now expecting a recession in the United States and that could lower demand, dropping prices even further.
