The average gas price in the United States last week was $3.06 per gallon. This indicates a slight decrease compared to the previous week’s average of $3.07 per gallon. The national gas price average is influenced by various factors, including global oil prices, supply and demand dynamics, taxes, and refining costs.
Key Facts
- National Average: The average gas price in the United States last week was $3.06 per gallon.
- State Comparison: Gas prices in Massachusetts are slightly higher than the national average, with an average price of $3.08 per gallon.
- Price Fluctuations: Gas prices have been fluctuating over time. In Massachusetts, gas prices have fallen about 11 cents since last month.
- Yearly Comparison: Gas prices in Massachusetts were as low as $3.08 per gallon on January 15, 2024, and as high as $3.76 per gallon on August 7, 2023.
- Previous Year Comparison: A year ago, the average gas price in Massachusetts was $3.26 per gallon, which is 6% higher than the current average.
- Regional Variations: Gas prices vary by state. Hawaii has the highest gas prices, with an average of $4.67 per gallon, while Oklahoma has the lowest gas prices, with an average of $2.59 per gallon.
State Comparison
Massachusetts gas prices are slightly higher than the national average, with an average price of $3.08 per gallon. This difference can be attributed to factors such as local taxes, transportation costs, and regional demand. It is important to note that gas prices can vary within a state, depending on the specific location and market conditions.
Price Fluctuations
Gas prices have been fluctuating over time. In Massachusetts, gas prices have fallen about 11 cents since last month. This decrease can be attributed to a combination of factors, including seasonal changes in demand, shifts in global oil prices, and adjustments in refining capacity. Gas prices are subject to ongoing fluctuations due to various economic, political, and environmental factors.
Yearly Comparison
A year ago, the average gas price in Massachusetts was $3.26 per gallon, which is 6% higher than the current average. This indicates a notable decrease in gas prices over the past year. The change in gas prices can be influenced by long-term trends in oil production, geopolitical events, and economic conditions.
Regional Variations
Gas prices vary by state. Hawaii has the highest gas prices, with an average of $4.67 per gallon, while Oklahoma has the lowest gas prices, with an average of $2.59 per gallon. These variations can be attributed to factors such as state taxes, transportation costs, local demand, and the availability of refining infrastructure.
Conclusion
Gas prices are influenced by a complex interplay of factors, including global oil prices, supply and demand dynamics, taxes, refining costs, and regional variations. The national gas price average and state-level gas prices can fluctuate over time due to changes in these factors. Consumers should stay informed about gas price trends and consider various strategies to save money on fuel, such as using fuel-efficient vehicles, carpooling, and taking advantage of loyalty programs or discounts.
Sources:
- Massachusetts Gas Prices Fell Last Week. How It Compares to Last Year
- U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)
- Today’s Gas Prices By State
FAQs
What is the current national gas price average?
As of current date, the national average gas price in the United States is $3.06 per gallon for regular fuel. This average is based on data from the U.S. Energy Information Administration (EIA).
How does the national gas price average compare to last year?
The national gas price average has decreased compared to last year. A year ago, the average gas price was $3.26 per gallon, which is 6% higher than the current average.
What factors influence the national gas price average?
The national gas price average is influenced by various factors, including global oil prices, supply and demand dynamics, taxes, and refining costs. Changes in these factors can cause fluctuations in the average gas price.
Which states have the highest and lowest gas prices?
Gas prices vary by state. Hawaii typically has the highest gas prices, while Oklahoma typically has the lowest gas prices. This is due to a combination of factors such as state taxes, transportation costs, local demand, and the availability of refining infrastructure.
How can consumers save money on gas?
There are several strategies consumers can use to save money on gas, including:
- Using fuel-efficient vehicles
- Carpooling or using public transportation
- Taking advantage of loyalty programs or discounts
- Avoiding peak driving times
- Maintaining proper tire pressure and vehicle maintenance
What is the outlook for future gas prices?
The outlook for future gas prices is uncertain and depends on various factors such as global economic conditions, geopolitical events, and changes in oil production and refining capacity. Analysts and experts provide varying predictions, and it is difficult to make accurate long-term forecasts.
How can I stay informed about gas price trends?
There are several ways to stay informed about gas price trends, including:
- Checking reputable news sources and websites that track gas prices
- Using mobile apps that provide real-time gas price information
- Signing up for email alerts or notifications from gas price tracking services
What government agencies or organizations regulate gas prices?
In the United States, the Federal Trade Commission (FTC) is responsible for investigating and preventing anti-competitive practices in the gasoline market. The Environmental Protection Agency (EPA) regulates fuel quality and emissions standards, which can indirectly impact gas prices. Additionally, state and local governments may have their own regulations and taxes that affect gas prices.