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How much is the lowest gasoline can go this year in the US?

AAA reported that the national average for a gallon of gasoline fell 7 cents last week to $3.77 a gallon, due to lower oil prices, modest domestic gasoline demand and a quiet hurricane season.

These factors have combined to drive down prices at pumps across the country.

“According to weather analysts, this is the first time in 25 years that a named Atlantic storm hasn’t developed in August. That’s the good news,” said AAA spokesman Andrew Gross.

How much is the lowest gasoline can go this year in the US?

However, Gross warned that the trend may change: “But we still have another month of peak hurricane season, and these storms can affect gasoline prices by disrupting oil production and refining.”

Meanwhile, oil prices fell on recent lackluster Chinese manufacturing output due to lower demand for goods and new outbreaks of Covid-19 in critical industrial cities. This is fueling fears that oil demand could fall in China, the world’s largest importer of crude oil.

Data from the Energy Information Administration (EIA) indicate that domestic gas demand increased slightly from 8.43 million barrels per day (b/d) to 8.59 million b/d last week. However, the rate is almost 1 million b/d lower than the last week of August 2021. Additionally, total domestic gasoline stocks decreased by 1.1 million barrels (bbl) to 214.5 million bbl.

AAA notes that even as demand for gasoline increased and supply fell, lower oil prices led to lower gas station prices, and that if oil prices continue to fall, consumers are likely to continue to see pump prices fall further across the country.

Today, the national average for a gallon of gasoline is $3.76, which is 31 cents less than a month ago but 59 cents more than a year ago.

The largest weekly declines in the country:

  • Vermont, −15 cents
  • Connecticut, −14 cents
  • Rhode Island, −14 cents
  • Pennsylvania, −14 cents
  • Massachusetts, −13 cents
  • Maine, −13 cents
  • New York, −12 cents
  • Delaware, −12 cents
  • New Jersey, −12 cents
  • Maryland, −12 cents

The 10 cheapest markets in the country:

  • Texas, $3.25
  • Arkansas, $3.25
  • Mississippi, $3.26,
  • Louisiana, $3.30
  • Georgia, $3.31
  • Oklahoma, $3.34
  • Tennessee, $3.36
  • Missouri, $3.36
  • Alabama, $3.37
  • South Carolina, $3.39

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