According to the AAA Gas Prices website, the US state with the cheapest regular gas on July 4 was Mississippi, at $2.959 per gallon.
Tennessee was the state with the second-cheapest regular gas price on July 4, at $3.067 per gallon, while Louisiana had the third-cheapest, at $3.070 per gallon, the AAA site showed. The US state with the most expensive regular gas on July 4 was Washington at $4.981 per gallon, followed by California at $4.844 per gallon and Hawaii at $4.722 per gallon, the AAA site revealed .
The average national average price for gasoline was $3.529 per gallon on July 4, according to the AAA Gas Prices site.
“Gas prices are $1.30 per gallon lower this year than last year, but still high compared to historical averages,” AAA spokesman Andrew Gross said in a statement posted to the site of the AAA on June 29.
“The previous record average gas price on July 4 was $4.10 in 2008, while the low was $1.39 in 2001. However, despite today’s high prices, drivers they are not reducing travel this summer,” Gross added in that statement.
The national average regular price of gasoline on July 3 was $3.535 per gallon, the AAA site showed. The average for the week of July 4th was $3.564 per gallon, the July 4th average was $3.553 per gallon and the July 4th average was $4.807 per gallon, according to the AAA site.
In its latest fuel update, which was released on July 3, the U.S. Energy Information Administration (EIA) showed that the Gulf Coast had the cheapest regular gasoline price on July 3 July, at $3.108 per gallon. The fuel update showed the West Coast had the most expensive regular gas price on July 3 at $4.533 a gallon.
The price of regular gasoline in the United States on July 3 was $3.527 per gallon, according to the EIA’s fuel update, which showed a series of price drops for the domestic price of regular gasoline. On June 26, the US regular gasoline price was $3.571 per gallon and on June 19 it was $3.577 per gallon, the last fuel update outlined. As of July 3, the price of US regular gasoline was down $1.244 from year-ago levels, the EIA update noted.
The Gulf Coast regular gasoline price on June 26 and June 19 was $3.190 per gallon and $3.109 per gallon, respectively, and the West Coast regular gasoline price on June 26 and June 19 was $4.556 per gallon and $4.569 per gallon, respectively, according to the EIA’s Fuel Update.
In its latest Short-Term Energy Outlook (STEO), which was released in June, the EIA projected that regular gasoline prices would average $3.39 per gallon in 2023 and $3.30 per gallon in 2024. This commodity averaged $3.97 per gallon in 2022, the last. STEO showed.
“Overall, we expect U.S. liquid fuel consumption to increase in both 2023 and 2024, driven by factors largely unrelated to economic growth forecasts,” the EIA noted in its June STEO.
“Consumption growth in 2023 is led by gasoline and jet fuel, which continues to increase from a pandemic-related demand decline. Propane and ethane consumption are the main drivers of growth in 2024 “, the EIA added.
In the STEO, the EIA projected that US gasoline consumption would grow by an annual average of 110,000 barrels per day this year. The EIA noted in the STEO that it expects gasoline consumption growth to be softer in 2024, “with gasoline consumption almost unchanged.”
In its previous STEO, which was released in May, the EIA projected that the price of regular gasoline would average $3.33 per gallon this year and $3.09 per gallon in 2024.
“Retail gasoline prices in our forecast average around $3.40 per gallon during the summer 2023 driving season (April – September), a 20 percent decrease from summer 2022” , the EIA noted in its May STEO.
“Regional summer gasoline prices range from $3.00 per gallon on the Gulf Coast to about $4.30 per gallon on the West Coast,” STEO added.
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