Price Reversal Lowers Gasoline to $2.76 per Gallon

The national average gasoline price fell 3 cents to $2.76 for the week ending July 22, which marked a price reversal from the past month that saw an 11-cent increase from June 22 to a week ago.

The current price level is 10 cents higher than a month ago and 8 cents lower than a year ago.

"Gasoline stocks remain robust amid a recent dip in demand, which could be one reason we are seeing pump prices starting to roll back," said Jeanette Casselano, AAA spokesperson. "It is too soon to know if this is a long-term trend, but it is certainly a welcome relief for motorists."

States with the largest weekly price changes include Indiana (down 15 cents), Michigan (down 12 cents), Illinois (down 12 cents), Ohio (down 11 cents), Kentucky (down 5 cents), Delaware (down 5 cents), Florida (up 4 cents), West Virginia (up 4 cents), Nebraska (down 4 cents), and California (down 3 cents).

States with the least expensive gasoline prices include Mississippi ($2.39), Louisiana ($2.41), Alabama ($2.41), Arkansas ($2.43), South Carolina ($2.46), Oklahoma ($2.48), Tennessee ($2.52), Virginia ($2.52), Texas ($2.53), and Kansas ($2.54).

Meanwhile, the average price of a gallon of diesel fell seven-tenths of a cent to $3.044, which is 17.6 cents lower than a year ago, according to the U.S. Energy Information Administration.