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Gas prices are currently falling the fastest in more than a decade

Gas prices are currently falling the fastest in more than a decade
  • Gas prices are falling at the fastest rate in more than a decade, according to a tweet from President Joe Biden.
  • After a gallon of regular gas peaked above $5 in June, the average price today is $4.19, by AAA.
  • There are currently 19 states where the average is less than $4 a gallon, and it’s $3.77 or less in eight states.

    Gas prices have been extremely volatile this year, with a national average of over $5 a gallon in June. However, prices have now fallen for the past seven weeks in a row, according to data collected by Gas Buddy.

    President Joe Biden tweeted today that the current drop in gas prices is the fastest decline the country has seen in more than a decade. The highest recorded average price of a gallon of regular was $5.02 per AAA in mid-June, which today lists the national average at $4.19 per gallon. That’s a difference of 83 cents.

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    While a gallon of regular still exceeds $5 on average in states such as Alaska, California, Hawaii, Oregon, and Nevada, there are 19 states where a gallon is offered for less than $4. Again, that’s according to AAA’s list of state gas price averages, which also eight states lists where drivers can refuel for an average of $3.77 or less. The cheapest of these is Texas, where regular currently averages $3.69 per gallon.

    AAA

    AAA got a yesterday report on falling gas pricesincluding a chart comparing national gas prices between 2019 and 2022. It also pointed out that these lower prices could lead to increased demand, which could hinder price decline.

    “We know that most American drivers have made significant changes to their driving habits to cope with high gas prices,” said AAA spokesman Andrew Gross. “But with gas at less than $4 a gallon at nearly half of the gas stations nationwide, it’s possible that demand for gas would soar.”

    Obviously there has been a steady decline over the past few weeks, but – as we explained in an in-depth article on gas price trends last month – it’s best to be prepared for the unpredictable.

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