August 2024 Fuel Price Update: All Regions Continue Downward Trend

The nation's average price of gasoline continues to decline for the fourth week in a row. According to U.S. Energy Information Administration (EIA) data, the national price for a gallon of gas has dipped to $3.31, which is seven cents less than last week. 

The national average is down 20.7 cents from a month ago and is about 50 cents per gallon lower than a year ago, according to EIA data. 

"It seems fitting that, in the run-up to Labor Day, the national average has fallen for four straight weeks to its lowest point since February," GasBuddy Head of Petroleum Analysis Patrick De Haan said.

De Haan noted that according to GasBuddy data, nearly 20% of gas stations in the country are selling gasoline at $2.99 or lower. These numbers will continue to look better every week, De Haan continued, especially as we move into fall.

Diesel prices are the lowest they've been since January 2022. Check out Work Truck to see which region has the lowest prices.

U.S. Regional Gasoline Prices as of August 26, 2024

Here's a look at prices by region according to EIA data, as of Aug. 26:

• East Coast: $3.25
• Midwest: $3.20
• Gulf Coast: $2.89
• Rocky Mountain: $3.35
• West Coast: $4.05

Every region saw a decrease in gas prices. The Midwest and Rocky Mountain regions saw the greatest decrease week-over-week, with prices decreasing by eleven cents. The Gulf Coast followed closely with a 10-cent decrease.

Here's a look at how the prices break down in the top 10 cheapest states for gas right now, according to AAA data as of Aug. 26:

Rank	State	Regular
1	Oklahoma	$2.89
2	Mississippi	$2.89
3	Texas	$2.94
4	Tennessee	$2.95
5	South Carolina	$2.97
6	Louisiana	$2.97
7	Alabama	$2.98
8	Arkansas	$3.02
9	Missouri	$3.05
10	Kansas	$3.06

Last week, only two states were recorded with prices under $3 per gallon, but this week shows seven states with prices below that benchmark. If prices continue to decline, more states will join them, with Arkansas ($3.02) seeing only a 4-cent difference from Alabama ($2.98).

U.S. Regional Gasoline Prices as of August 19, 2024

For the third straight week, the nation's average price of gasoline has declined. According to U.S. Energy Information Administration (EIA) data, the national price for a gallon of gas has dropped to $3.38, which is three cents less than last week.

The national average is down 11 cents from a month ago and is 48 cents per gallon lower than a year ago, according to EIA.

"Gasoline and diesel prices continue to trail off across much of the country as summer demand fades away. Lower demand in other oil-consuming nations is also helping to lead the downward pressure on pump prices as we approach Labor Day," De Haan said. "With little new action in the Middle East to rile up prices and Hurricane Ernesto remaining far out at sea, it looks like the downward trend could continue into the week ahead."

As more schools begin to resume, gasoline demand will likely continue to ease, De Haan continued, along with the temperatures cooling off.

Here's a look at prices by region according to EIA data, as of Aug. 19:

• East Coast: $3.29
• Midwest: $3.32
• Gulf Coast: $2.99
• Rocky Mountain: $3.47
• West Coast: $4.05

Almost every region saw a slight dip in gas prices except the Rocky Mountain region. The Midwest region saw the greatest decrease week-over-week, with prices decreasing by seven cents.

Here's a look at how the prices break down in the top 10 cheapest states for gas right now, according to AAA data as of Aug. 19:

Rank	State	Regular
1	Mississippi	$2.94
2	Oklahoma	$2.99
3	Tennessee	$3.01
4	Texas	$3.02
5	Louisiana	$3.03
6	South Carolina	$3.05
7	Alabama	$3.05
8	Arkansas	$3.08
9	Kansas	$3.11
10	Missouri	$3.12

Due to the nationwide dip, Oklahoma has joined Mississippi as the only two states with an average gas price of under $3 per gallon. The previous 9-cent gap between the states with prices above and below $3 is closing, with Tennessee ($3.01) seeing only a 2-cent difference from Oklahoma ($2.99).

U.S. Regional Gasoline Prices as of August 12, 2024

In the second week of August, the average price of gasoline in the U.S. continues to dip ever so slightly across the country. According to EIA data, the national price for a gallon of gasoline is down three cents this week, at $3.41.

Though the national average is down 11.6 cents from a month ago, it is down 42.5 cents per gallon compared to a year ago, according to GasBuddy.

"As summer driving season comes to a gradual close, we continue to see gasoline prices declining in most of the country as demand remains muted," De Haan said. "As long as we can avoid a major hurricane threatening refineries in the Gulf region, I believe we could see declines continue into this week, with the national average potentially dipping to its lowest level of the summer."

While some states may also see gas prices rise to routine price cycling, primarily in the Great Lakes and Florida, De Haan continued, prices across the board remain lower in every state compared to a year ago.

The looming hurricane season could affect future prices, though, if activity off the coast of the Atlantic picks up.

Diesel prices are the lowest they've been since January 2022. Check out Work Truck to see which region has the lowest prices.

Here's a look at prices by region according to EIA data, as of Aug. 12:

• East Coast: $3.32
• Midwest: $3.39
• Gulf Coast: $2.99
• Rocky Mountain: $3.41
• West Coast: $4.07

Overall, every region saw a slight decrease in gas prices. The East Coast region saw the greatest decrease week-over-week, with prices dipping 5 cents.

Here's a look at how the prices break down in the top 10 cheapest states for gas right now, according to AAA data as of Aug. 12:

Rank	State	Regular
1	Mississippi	$2.95
2	Oklahoma	$3.03
3	Louisiana	$3.04
4	Texas	$3.04
5	Tennessee	$3.05
6	South Carolina	$3.07
7	Arkansas	$3.07
8	Alabama	$3.08
9	Kansas	$3.14
10	Missouri	$3.15

Despite the nationwide dip, Mississippi maintains its under $3 per gallon price, with nearly a 8-cent difference between it and the second cheapest state for gasoline.

U.S. Regional Gasoline Prices as of August 6, 2024

To kick off August, prices at the pump are down in most of the country. The national average price of gasoline dropped 4 cents in the last week to $3.44, according to the EIA. Prices year-over-year are down 38 cents.

This week's drop is the byproduct of a jobs report, a GasBuddy analyst believes.

“With oil prices plummeting due to new concerns over the U.S. economy after a poor jobs report, gasoline prices have seen downside in many states, with potential for more to join that trend this week as previous refinery disruptions in the Great Lakes region fade away and the restart process begins,” De Haan said.

While all eyes in the Southeast are on Tropical Storm Debby, De Haan said the storm poses low risk to refineries or refined product pipelines, so it's not a major concern. He said he expects gasoline prices in most states to gently decline in the week ahead, with rising tensions in the Middle East being a wildcard.

Diesel prices are down across the board. Check out Work Truck to see which region has the lowest prices.

Here's a look at how prices break down by region according to EIA data, as of August 6:

• East Coast: $3.37
• Midwest: $3.47
• Gulf Coast: $3.01
• Rocky Mountain: $3.43
• West Coast: $4.08

Over the last week, prices rose only in the Rocky Mountain region. The Gulf Coast saw the greatest drop in prices, sinking 8 cents.

Here's a list of the 10 lowest average prices per gallon, according to AAA data as of August 6:

Rank	State	Regular
1	Mississippi	$2.95
2	Louisiana	$3.04
3	Texas	$3.05
4	Oklahoma	$3.05
5	Arkansas	$3.06
6	Tennessee	$3.07
7	Alabama	$3.08
8	South Carolina	$3.12
9	Kansas	$3.17
10	Missouri	$3.17

Mississippi maintains its under $3 per gallon price, with nearly a 9-cent difference between it and the second cheapest state for gasoline.