Gas prices: Slight increase at the pumps to begin August
The national average price for a gallon of regular gas in the United States has slightly increased at the start of August,reaching $3.163 according to AAA. Despite this recent uptick over three consecutive days, gas prices have remained relatively stable throughout the summer driving season, fluctuating between about $3.13 adn $3.17 per gallon. July ended with an average price of $3.15 per gallon, the lowest since 2021.
Compared to earlier in 2024, current gas prices are significantly lower; for example, prices were $3.471 per gallon at this time last year. The typical summer surge in prices did not occur this year, mainly due to crude oil prices holding steady around $65 per barrel.
Regional differences in gas prices persist, with the West Coast states-especially California, Hawaii, and Washington-having the highest averages above $4.30 per gallon. Conversely, Gulf Coast states like Mississippi, Oklahoma, Texas, and louisiana enjoy the lowest prices, with averages below $2.80 per gallon.
Over recent weeks, the number of states with average gas prices under $3 has fluctuated, peaking at 23 states by the end of July but dropping back to 18 states as of early August. the current pricing reflects a relatively affordable summer fuel market compared to recent years.
Gas prices: Slight increase at the pumps to begin August
The national average price for a gallon of regular gas on Tuesday is $3.163. The price marks an increase of three consecutive days at the pumps to begin August, according to AAA.
Yet, despite the recent slight increase in average gas prices, for the most part, fuel costs have been steady this summer, as the country enters the last month of what is traditionally known as the summer driving season. Over the last month or so, the national average price for a gallon of gas has remained between slightly above $3.13 and below $3.17. July ended with an average of $3.15 per gallon, the least expensive July average for gas prices since 2021.
Tuesday’s price was higher than Monday’s, when the average gallon of regular gas cost was $3.152. It is also more expensive than a week ago, when the average cost for a gallon of regular gas was $3.136, and a month ago, when it was $3.148. Moreover, despite the recent fluctuations, the current average gas price is substantially lower than at this point in 2024, when fuel costs were $3.471 per gallon. There was not a customary summer surge in gas prices this year, due to crude oil prices remaining around $65 a barrel, according to AAA.
As mentioned above, July had its cheapest monthly average for gas prices in years. During the last four years, when Joe Biden was president, gas prices were among the highest ever recorded in the country’s history, according to the U.S. Energy Information Administration. In July 2024, the average price for a gallon of regular gas was $3.60. In 2023, fuel costs were higher at $3.712 per gallon. In July 2022, the average price for a gallon of regular gas was at its second-highest level in the country’s history, costing $4.668. In July 2021, the average cost for gas was $3.23.
Most fuel cost commentaries have suggested that $3 per gallon is a good price point for a barometer of fuel cost affordability in the country. With the price of gas decreasing in recent months, the number of states averaging less than $3 per gallon has increased. However, that has changed a few times over the last month. On June 27, 17 states had average prices under $3.
By June 30, that total had reached 21 states. In early July, it dropped to 20 states. A week ago, it rose back to 22 states. On the penultimate day of July, it was back to 23 states, the most states with average gas prices under $3 per gallon since summer began. After a few days of increases, it dropped back down to 18 states on Tuesday.
In the United States, different regions have different gas prices, sometimes substantially. The region of the nation with the highest average statewide gas prices is the West Coast. Comparatively, the states with the lowest average statewide gas prices are along the Gulf Coast.
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After ending July behind Hawaii for the most expensive gas prices in the nation, California has returned to the top spot, with a statewide average price of regular gas at $4.501 per gallon. This is over three cents higher than Hawaii, which returned to No. 2. The average price for a gallon of gas in the Aloha State is $4.466. Washington state is next, with an average price of $4.395. Next is Oregon, at $3.984, and then Alaska, with a statewide average price of $3.769.
Meanwhile, Mississippi has the lowest gas prices in the country, with an average of $2.708 per gallon. Oklahoma has the second-lowest gas prices in the country at $2.727. Texas is next at $2.756, followed by Louisiana at $2.759. Arkansas is fifth, with a statewide average price for regular gas at $2.779 per gallon.
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