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Today’s average price of gas in the U.S. is $3.11 per gallon, down $0.02 from yesterday, $0.11 from last week and $0.55 from last month.
The drop in gas prices is a welcome reprieve for Americans who have grappled with sky-high prices at the pump. A flurry of issues have contributed to higher gas prices this year, including rebounding demand in gasoline after Covid lockdowns, lower supplies and sanctions on Russian gas imports across the globe.
While gas prices may be falling, they remain high. The average price of a gallon of gas one year ago today was $3.30.
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Which State Has the Highest Gas Prices?
Hawaii has the highest price of gas, with an average of $5.10 per gallon of regular gas.
Which State Has the Lowest Gas Prices?
Texas has the lowest price of gas, with an average of $2.61 per gallon of regular gas.
What's Happening With Gas Prices?
Gas prices have been on the decline the past three months after oil supplies rebounded and demand cooled. But that decline has slowed, leaving analysts and consumers anxious over what could happen next for prices at the pump.
There’s still major uncertainty around how gas prices will trend in the near future, says Jim Burkhard, vice president and head of research for oil markets, energy and mobility at S&P Global Commodity Insights.
Crude oil prices, which play a major role in determining what prices consumers pay at the gas pump, dropped over the last few months as oil traders anticipated weakened demand and a global economic downturn.
Those prices, however, are back on the rise. Global demand for oil is rebounding as China emerges from its recent Covid lockdowns. There are also concerns that the global oil supply could be squeezed further by Russia’s recent escalation of the war in Ukraine.
Another contributing factor to the recent drop in gas prices is a boost in supply. Earlier this year, President Joe Biden authorized the largest release of oil from global reserves in history. In July, the Department of Treasury estimated that the releases, both domestically and internationally, reduced gasoline prices by up to as much as 40 cents per gallon. The release, however, is only authorized until the end of October.
“We’re not out of the woods yet,” Burkhard says. “The oil market is always uncertain, but it is exceptionally so right now because of so many really big question marks that could push prices farther up, or even farther down.”
Those “exceptional uncertainties,” as Burkhard describes them, range from the coming European Union ban on Russian oil to the end of mass releases from the U.S. strategic oil reserve.
Should the E.U. fully enforce its ban on Russian oil, Burkhard says, oil prices could rise. If some of its countries don’t fully enforce the ban, or the sanctions are softened over time, prices could remain lower.
Burkhard adds that the release from the U.S. strategic oil reserve has played an “underappreciated” role in easing oil prices this year—and whether or not it's renewed after its October deadline will also play a role in determining what’s next for gas prices.
5 Ways to Save Money on Gas
Gas prices remain higher than they were a year ago. If you need help managing these prices, consider these smart strategies to save at the pump.
1. Download Gas Apps
Gas apps are arguably the easiest way to find cheap gas near you. These apps require little commitment compared to loyalty and rewards programs that limit you to a specific store or brand of gas station.
There are a variety of gas apps out there to help you make an informed decision about where to fill up your tank next. Popular apps like GasBuddy, Waze and Google Maps are free and show gas prices in real-time via a map directly in the app.
Some gas apps offer complementary rewards programs to help you save at the pump; GasBuddy, for instance, offers a rewards program that can save users up to 25 cents per gallon at the pump.
Read more: 5 Apps To Find The Cheapest Gas Near You
2. Enroll in Gas Rewards Programs
If you have a favorite gas chain, consider enrolling in its rewards program to help you save at the pump. These programs offer points each time a member fuels up; points can later be redeemed for discounts on your gas purchases. Most major gas station chains, including Exxon, Shell and Circle K, offer these rewards programs.
3. Stack Savings With Grocery Store Rewards Programs
Grocery store chains also have rewards programs that provide discounts on gas. Kroger, for example, gives members one fuel point for every $1 spent in Kroger stores. These points can then be redeemed at Kroger gas stations or other gas station chains.
Being strategic with where you redeem the points will reap the biggest savings; purchasing gas at a Kroger gas station, for example, will give you a redemption value of up to 1,000 fuel points for $1 off per gallon.
4. Buy Gas with a Rewards Credit Card
If you pay off your credit card balance in full each month, you can maximize your savings by purchasing gas with a cash-back credit card. Some cards have specific spending categories where you can earn high percentages of cash back (think 5% cash back per $1 spent) and gas is a popular category. Pay off your credit card balance in full each month to avoid accruing costly interest.
Read more: Best Gas Credit Cards
5. Fill up Your Tank on Mondays
You might be surprised to find that filling up your gas tank on a certain day can maximize your savings. A Feb. 2022 survey by GasBuddy found that gas is the cheapest in most states across the country on Mondays; Wednesday, Thursday and Saturday were the most expensive.