AAA Gas Prices (2024)

FAQs

How do you beat high gas prices? ›

The World Bank forecast US natural gas prices could average $6 in 2024. It expected European gas prices to trade at $28 in 2024, dropping from $40 in 2022.

Mississippi has the lowest price of gas, with an average of $2.73 per gallon of regular gas.

Elevated oil prices are the main culprit, but seasonal factors and state taxes play a role, as well. Elevated oil prices: The cost of oil typically represents more than half of the cost of a gallon of gasoline, according to data from the U.S. Energy Information Administration (EIA).

Paying with cash means you're saving a bit on the total transaction, and because you're not using credit, there's no chance of accruing any interest charges. If you have a rewards credit card, however, you will earn rewards points or cash back.

U.S. gasoline prices are expected to average around $3.40 a gallon in 2024 and $3.20 in 2025, compared with around $3.50 in 2023, according to the EIA's Short Term Energy Outlook report.

BMI, a Fitch Solutions company, has revealed its newest NYMEX RBOB gasoline price forecasts through to 2026 in a new report sent to Rigzone recently. The company now sees the commodity averaging $2.55 per gallon in 2023, $2.26 per gallon in 2024, $2.22 per gallon in 2025, and $2.20 per gallon in 2026.

U.S. Regional Gasoline Prices as of July 23, 2024

Prices on the west coast continue to slowly move to the $4 line. The national average price of gasoline is down ever so slightly, at $3.47 per gallon, according to EIA data. The 2-cent drop on the national average comes despite one region seeing a 5-cent increase.

Costco gas can be significantly cheaper than other gas stations in the same area. Although it sells top quality gasoline, there are some good reasons why it's so cheap. Costco gas is so cheap it can be worth the cost of membership all by itself.

Who controls gas prices in the USA? ›

Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.

The big picture: The national average of regular gas stood at $3.58 per gallon Wednesday, with the cheapest metro being Hattiesburg, Mississippi at $2.93 a gallon and the most expensive nearly double that in Lihue (Kauai), Hawaii at $5.22.

Hawaii is the most expensive state to live in, according to new cost of living data from doxo, an online bill payment service. Doxo recently released its 2024 Cost of Bills Index, which compares average household costs by state and by major U.S. cities.

The most expensive gas in the US is at this California station at nearly $10 a gallon: Gas Buddy. A gas station in Mendocino, Northern California, is now charging nearly $10 a gallon. According to GasBuddy, it's the most expensive gas in the US.

Driving faster than the speed limit almost always increases fuel consumption, and in fact, dropping your highway speed in the range of 5 to 10 mph can provide an efficiency boost between 7 and 14%.

Crude oil prices

The price of crude oil is responsible for about half the cost of gasoline at the pump, and that makes sense because you really can't have gas without it. So as crude oil prices soar, so do gasoline prices. The greater the demand, such as in higher driving windows like summer, the higher the cost.

Five Fast Facts About U.S. Gasoline Prices. Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.