Gas Prices Fall Slightly in April 2024 – Will that Continue in May?

The nation just saw the first weekly drop in the average price of gas since February. See what analysts predict as we head into the warmer months, plus check out which states have the cheapest gas.

Christy Grimes・Former Senior Editor

April 30, 2024

A chart with EIA data shows a slight decline in gas prices. Next to it, a chart breaks down gas prices by region, with prices dipping slightly across the board. — The Gulf Coast and West Coast both saw the greatest drop over the last seven days, with 4-cent drops, while all other regions dropped a couple cents or remained the same.
Photo: EIA/Automotive Fleet

2 min to read

For commercial fleets, gasoline can be a large expense. As fleet managers grapple with the rising costs of labor, vehicles, and operations, they are looking for ways to cut back.

After a slight increase at the beginning of April, the month is wrapping up with prices on the decline. According to a report from Reuters, that could continue as we head into May, due to several factors like signs of de-escalation between Israel and Iran, as well as Russia’s quick repair of damaged refineries.

Additionally, U.S. refiners are boosting fuel output as they return from annual spring maintenance and ramp up utilization rates.

According to GasBuddy, the average price of gasoline in the U.S. has seen a weekly drop for the first time since February, with a fall of 1.9 cents from a week ago to $3.63 per gallon as of the morning of April 29 according to GasBuddy data.

That data is compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. It differs only slightly from U.S. Energy Information Administration data.

Gas Prices By Region

Here is a breakdown of average regular unleaded gasoline prices by region, as of April 29, according to EIA data:

East Coast: $3.54
Midwest: $3.45
Gulf Coast: $3.19
Rocky Mountain: $3.42
West Coast: $4.79

The Gulf Coast and West Coast both saw the greatest drop over the last seven days, with 4-cent drops, while all other regions dropped a couple cents or remained the same. The New England and Lower Atlantic regions of the East Coast led that region to remain flat week-over-week.

Which States Have the Cheapest Gas?

With the Gulf Coast seeing the lowest gasoline prices, it’s not a surprise that states in the southern region are seeing some of the lowest gas prices. Here’s how it breaks down by state, according to AAA data:

Rank	State	Regular
1	Mississippi	$3.08
2	Colorado	$3.10
3	Oklahoma	$3.12
4	Louisiana	$3.15
5	Arkansas	$3.19
6	Kansas	$3.21
7	Texas	$3.23
8	Alabama	$3.24
9	Iowa	$3.24
10	South Carolina	$3.25

Patrick De Haan of GasBuddy posted to X on April 29, saying gas prices aren't likely to fluctuate much as we head into May.

BREAKING: For the first time since February, the national average price of gasoline has seen a weekly decline, falling 1.9c/gal to $3.63/gal. We don’t expect to see much overall movement to the national average for this week, but many states could see small declines!
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) April 29, 2024

Topics:AAA EIA gas prices Fuel

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