The nationwide average price for a gallon of regular gasoline has fallen to $3.03 and continues to fall. In 28 states, gas prices are below $3.
24/7 Wall St. Key Points:
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In 28 states, the average price for a gallon of regular gasoline has fallen below $3.
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This helps the pocketbook, especially during times of inflation.
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The decline helps the pocketbooks, especially during times of inflation. Gas is between 3% and 4% of the average household’s expenses. While the consumer price index continues to tick up, the price of gasoline has been falling, and it was down 3.2% in February.
The primary driver of gas prices is the price of crude oil. It has fallen from $80 a barrel in mid-January to $68, and the trend continues down.
The price of a gallon of gas varies considerably from state to state. It is currently $2.63 (the lowest) in Oklahoma and $4.61 (the highest) in California.
One reason for low gas prices is proximity to refineries. Among the largest of these are on the Gulf of Mexico, south of Houston. Gas prices in the region are among the lowest in the country. In addition to Oklahoma, this includes $2.64 in Mississippi, $2.69 in Tennessee, $2.71 in Louisiana, and $2.72 in Texas.
Another driver of gas prices is state taxes. The figure is $0.8655 per gallon in California, which is the highest of all states. The U.S. average is $0.5709. In Texas ($0.3840) and other southern states, the number is usually low. This includes Mississippi ($0.3719) and Oklahoma ($0.3840)
These are the 10 states with the lowest gas prices:
- Oklahoma ($2.626)
- Mississippi ($2.640)
- Kentucky ($2.681)
- Tennessee ($2.682)
- Louisiana ($2.711)
- Texas ($2.722)
- Alabama ($2.7260)
- Arkansas ($2.750)
- South Carolina ($2.760)
- Kansas ($2.793)
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