Gas Prices Continue to Stabilize at $2.18

Gasoline prices held steady at $2.18 as the majority of state averages saw minimal impact at the pump, maintaining overall price stabilization.

Gas prices are trending cheaper despite an increase in demand, AAA observed. Up 3% over last week, gasoline demand measured at 8.8 million barrels per day, which is the highest reading since the pandemic started. Though, according to the Energy Information Administration, year-over-year demand is down about 8%.

“This summer is no doubt the cheapest at the pump for motorists in more than a decade. The last two months have yielded a national average of $2.14,” said Jeanette Casselano, AAA spokesperson. “While we expect to see typical fluctuation, August gas prices are not expected to spike, especially amid increases in COVID-19 cases.”

Today’s national average, which is one cent more than last month and 53 cents cheaper than last year, has been largely unaffected by Tropical Storm Isaias.

The nation’s top 10 largest weekly changes include  Florida (up 10 cents), Utah (up 10 cents), Idaho (up 5 cents), Washington, D.C. (down 4 cents), Indiana (down 4 cents), Michigan (down 2 cents), Ohio (down 2 cents), West Virginia (down 2 cents), Oklahoma (down 2 cents) and Colorado (down 2 cents).

Meanwhile, the nation’s least expensive markets include Mississippi ($1.82), Louisiana ($1.85), Texas ($1.86), Arkansas ($1.87), Alabama ($1.88), Oklahoma ($1.88), Missouri ($1.89), South Carolina ($1.90), Tennessee ($1.92) and North Carolina ($1.96).