INDIANAPOLIS (WXIN) — Gas prices across the country continue to fall for the sixth week in a row. As of Monday, prices have even fallen below $4 per gallon in nine states.
GasBuddy data show the national average is down 56.7 cents from June. However, prices are still more than a dollar per gallon higher than the same time in 2021.
It isn’t just regular gasoline prices that are falling. GasBuddy data shows the price of diesel has declined 13 cents in the last week. Analysts believe costs could go even further down.
“I have no reason yet to expect the decline won’t reach seven straight weeks, as gas stations still have plenty of room to decline as oil prices remain under $100 per barrel,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, should the tropics become more active, the decline could eventually reverse. In addition, this week we’ll see GDP data for the second quarter, and if it’s better than expected, we may see oil rally, slowing the descent.”
The states with gas prices below $4 are:
Texas ($3.85)South Carolina ($3.86)Georgia ($3.88)Mississippi ($3.89)Alabama ($3.92)Tennessee ($3.93)Arkansas ($3.93)Louisiana ($3.94)Oklahoma ($3.96)
Low demand for gasoline and oil prices remaining in the mid-$90s per barrel are contributing to the steady decline in pump prices, according to AAA. Since hitting a record $5.01 per gallon on June 14, the price of gas has fallen every day.
“Consumers appear to be taking the pressure off their wallets by fueling up less,” said Andrew Gross, AAA spokesperson, in a Monday press release. “And there’s reason to be cautiously optimistic that pump prices will continue to fall, particularly if the global price for oil does not spike. But the overall situation remains very volatile.”
Map: Price for a gallon of regular gas in each state
AAA data shows states primarily in the central U.S. saw the largest weekly decreases in gas prices, with Kansas reporting the largest decrease at 29 cents.
Kansas (-29 cents)Iowa (−25 cents)Oklahoma (−25 cents)Missouri (−23 cents)Ohio (−22 cents)Wisconsin (−22 cents)Nebraska (−22 cents)Delaware (−21 cents)Wyoming (−21 cents)Indiana (−21 cents).
Texas has the least expensive gas market according to GasBuddy and AAA data. California has the most expensive gas market.