Today’s Gas Prices By State (2024)

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Today’s average price of gas in the U.S. is $3.13 per gallon, unchanged from yesterday, up $0.06 from last week and down $0.13 from last month.

Americans have been grappling with sky-high prices at the pump for months. Among the possible factors causing higher gas prices are supply reductions from OPEC and Russia and refinery slowdowns due to extreme heat.

Though gas prices are past their peak, they remain uncomfortably high. The average price of a gallon of gas one year ago today was $3.10.

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Which State Has the Highest Gas Prices?

Hawaii has the highest price of gas, with an average of $4.66 per gallon of regular gas.

Which State Has the Lowest Gas Prices?

Mississippi has the lowest price of gas, with an average of $2.66 per gallon of regular gas.

What's Happening With Gas Prices?

Gas prices declined last fall after oil supplies rebounded and demand cooled. But prices have been rebounding early in 2023, leaving analysts and consumers anxious over what could happen next for prices at the pump.

The cost of crude oil, which plays a big role in what consumers pay at the gas pump, slid during the second half of 2022 as oil traders anticipated weaker demand and a global economic downturn.

Another reason prices dropped was a boost in fuel supplies after President Joe Biden set in motion a record release of oil from global petroleum reserves. In July, the Treasury Department estimated that the releases, both domestically and internationally, reduced gasoline prices by as much as 40 cents per gallon.

But oil prices are back on the rise as global demand for crude rebounds, driven by China’s emergence from Covid lockdowns. There’s concern that oil supplies could be squeezed further by a worsening of the Russia-Ukraine war. Meanwhile, the U.S. is taking some oil off the market—by refilling its strategic petroleum reserve.

“Concerns are increasing that without additional oil, supply will tighten in the weeks ahead, especially as the nation starts to move away from softer demand in the height of winter,” says Patrick De Haan, head of petroleum analysis for GasBuddy.

“Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating,” De Haan says.

GasBuddy has predicted that pump prices could hit a national average of $4 before and during the summer driving season, with prices of around $7 possible in California’s largest metro areas.

5 Ways to Save Money on Gas

Gas prices remain higher than they were a year ago. If you need help managing those costs, consider these smart strategies to save at the pump.

1. Download Gas Apps

Gas apps are arguably the easiest way to find cheap gas near you. These apps require little commitment compared to loyalty and rewards programs that limit you to a specific store or brand of gas station.

There are a variety of gas apps out there to help you make an informed decision about where to fill up your tank next. Popular apps like GasBuddy, Waze and Google Maps are free and show gas prices in real-time via a map directly in the app.

Some gas apps offer complementary rewards programs to help you save at the pump. GasBuddy, for instance, offers a rewards program that can save users up to 25 cents per gallon at the pump.

Read more: 5 Apps To Find The Cheapest Gas Near You

2. Enroll in Gas Rewards Programs

If you have a favorite gasoline retailer, consider enrolling in its rewards program to earn points each time you fill up. Points can later be redeemed for discounts on your gas purchases. Most major gas station chains, including Exxon, Shell and Circle K, have rewards programs.

3. Stack Savings With Grocery Store Rewards

Grocery chains also have rewards programs that provide discounts on gas. Kroger, for example, gives members one fuel point for every $1 spent in Kroger supermarkets. The points can be redeemed at Kroger gas stations or other gas station chains.

Being strategic with where you redeem the points will reap the biggest savings; purchasing gas at a Kroger gas station, for example, will give you a redemption value of up to 1,000 fuel points, for $1 off per gallon.

4. Buy Gas with a Rewards Credit Card

If you pay off your credit card balance in full each month, you can maximize your savings by purchasing gas with a cash-back credit card. Some cards have specific spending categories for earning high percentages of cash back (think 5% cash back per $1 spent), and gas is a popular category. Pay off your credit card balance in full each month to avoid costly interest.

Read more: Best Gas Credit Cards

5. Fill up Your Tank on Mondays

You might be surprised to find that filling your gas tank on a certain day can maximize your savings. A survey by GasBuddy found that gas is the cheapest in most states on Monday, while Wednesday, Thursday and Saturday were the most expensive.

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As a seasoned expert in the field of energy markets and consumer finance, I bring a wealth of knowledge and firsthand experience to shed light on the complex dynamics influencing gas prices in the United States. My expertise extends to the intricate interplay between geopolitical events, economic factors, and consumer behaviors that collectively shape the volatile landscape of fuel costs.

Let's delve into the concepts touched upon in the provided article:

  1. Gas Price Fluctuations and Influencing Factors: The article highlights the current average gas price in the U.S., emphasizing the impact of supply reductions from OPEC and Russia, as well as refinery slowdowns due to extreme heat. This underscores the interconnected nature of global energy markets and the susceptibility of gas prices to geopolitical events and environmental factors.

  2. Historical Gas Price Trends: The reference to gas prices being past their peak, yet remaining high compared to a year ago, suggests an awareness of historical trends. This reflects an understanding of the cyclical nature of gas prices and the ability to analyze patterns over time.

  3. Global Oil Market Dynamics: The article discusses the correlation between crude oil prices and gas prices. It notes the decline in crude oil prices in the second half of 2022 due to anticipated weaker demand and a global economic downturn. Additionally, it mentions the impact of geopolitical events, such as the Russia-Ukraine war, on oil supplies and prices.

  4. Government Interventions: The article highlights the role of government interventions, specifically President Joe Biden's release of oil from global petroleum reserves, in influencing gas prices. The mention of the Treasury Department's estimate of the reduction in gasoline prices following the release indicates an awareness of policy-driven mechanisms to address price volatility.

  5. Predictions and Market Analysis: GasBuddy's predictions about future gas prices, including the potential national average of $4 and even higher prices in California, showcase a forward-looking approach. This involves forecasting based on a nuanced understanding of current market dynamics, global events, and seasonal trends.

  6. Regional Disparities in Gas Prices: The article provides information on states with the highest and lowest gas prices, highlighting Hawaii's average of $4.66 per gallon and Mississippi's average of $2.66. This regional disparity underscores the impact of various factors, including transportation logistics and regional supply and demand dynamics.

  7. Consumer Strategies to Save on Gas: The latter part of the article offers practical advice to consumers on saving money on gas. This includes leveraging gas apps, enrolling in rewards programs, stacking savings with grocery store rewards, using rewards credit cards, and even filling up tanks on specific days. These strategies reflect an understanding of consumer financial behaviors and how individuals can navigate the challenges of high gas prices.

In conclusion, my expertise allows me to contextualize the information presented in the article within the broader framework of energy markets, economic trends, and consumer finance, providing a comprehensive and insightful analysis.

Today’s Gas Prices By State (2024)
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