Here’s Where Gas Prices Are Falling The Least - Forbes

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Topline

The average price for a gallon of gas fell 2.7 cents to $4.752 nationally Thursday as tumbling oil prices reach consumers, according to AAA, as prices drop at historic levels though not everywhere is benefitting from the rapidly dipping prices.

Key Facts

Hawaii and South Dakota were the only states where gas prices increased from Wednesday to Thursday, rising .1 and .7 cents per gallon, respectively, while Alaska, Idaho, Colorado and Montana were the sole states not to drop by one cent per gallon or more.

Gas prices are down on average by over 10 cents nationally compared to a week ago, and Hawaii is the only state where gas prices have increased over the last week, rising by 1.3 cents per gallon, while Idaho, Wyoming and Utah are the only states to fall by less than two cents per gallon in the period.

Prices are down more than 16 cents per gallon compared to a month ago, but prices in a dozen states have actually gone up during that time: Wyoming (28.4 cents per gallon), Utah (27.4), Idaho (26.1), Montana (22), Colorado (15.6), Hawaii (13.4), Alaska (11.9), South Dakota (10.6), Nebraska (5.6), Kansas (2.2), North Dakota (1.2) and West Virginia (1.1).

Contra

The biggest price drop in the last day was in Washington, D.C, (5.5 cents), the biggest drop in the last week was Illinois (15.9 cents) and the biggest drop in the past month was in Wisconsin (33.8 cents).

Surprising Fact

Fuel pricing data platform GasBuddy reported a 2.8 cent decrease in national average gas prices Wednesday, which is tied for the second largest single-day drop over the last 10 years, according to the company’s head of petroleum analysis Patrick De Haan. The only day surpassing Wednesday was March 12, 2020, when prices dropped 3.1 cents at the beginning of the Covid-19 pandemic.

Key Background

Gas prices have exploded in recent months largely due to surging global energy prices caused by the war between Russia and Ukraine. Gas is up 34.4% per gallon since February 23, the day before Russia invaded Ukraine. Oil prices fell 8% Tuesday due to worsening recession fears, and U.S. benchmark West Texas Intermediate traded below $100 per barrel for the first time since early May earlier this week. However, Barclays, Goldman Sachs, RBC and UBS all still predict oil to rise again to between $110 and $130 per barrel by the end of 2022. WTI crossed $100 per barrel again Thursday, rising 4.4% to $102.90.