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Gas prices are currently falling at their fastest rate in a decade

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

    Gas prices have been extremely volatile this year, with the national average hovering above $5 per gallon in June. However, prices have now fallen for the past seven consecutive weeks, according to data compiled by GasBuddy.

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

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    While a gallon of regular still averages over $5 in states like Alaska, California, Hawaii, Oregon and Nevada, 19 states offer a gallon under $4. Again, this is according to AAA’s list of state gas-price averages, which lists eight states where drivers can fill up for an average of $3.77 or less. Among the cheapest is Texas, where regular currently averages $3.69 per gallon.

    National Gas Price Comparison 2019 to 2022

    AAA

    AAA released a report on falling gas prices yesterday, including a chart comparing national gas prices between 2019 and 2022. It suggested that these lower prices may lead to increased demand, which may prevent price declines.

    “We know that more American drivers have made significant changes in their driving habits to cope with higher gas prices,” said AAA spokesman Andrew Gross. “But with gas below $4 a gallon at nearly half of gas stations across the country, gas demand is likely to increase.”

    It’s clear that there’s been a steady decline in recent weeks, but—as we explained in an in-depth article on gas-price trends last month—it’s best to be prepared for uncertainty.

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