Gas prices headed lower again this week following record highs

Photo (c) Andrii Yalanskyi - Getty Images

Planned oil releases from U.S. and allies’ stockpiles dampened oil prices

The price of gasoline is still well above $4 a gallon in most places, but prices began to moderate this week as the U.S. and its allies moved to release oil reserves into the market. The price of crude oil dropped accordingly.

The AAA daily fuel price survey shows that the national average price of regular gas is $4.14 a gallon, seven cents a gallon lower than last Friday. But it’s still nine cents a gallon higher than four weeks ago.

The average price of premium gas is $4.82 a gallon, six cents lower than a week ago. The price of diesel fuel is $5.06 a gallon, down four cents from last week.

Some of the biggest drops in fuel prices this week occurred in the Midwest. The statewide average for regular fell 11 cents a gallon in Michigan and Ohio, and prices were 10 cents a gallon cheaper in Wisconsin.

The average price this week also fell by 10 cents a gallon in Georgia; nine cents a gallon in California and Nevada; seven cents a gallon in Illinois, New York, Kansas, and Oklahoma; and six cents a gallon in Arizona and Missouri.

It remains to be seen how much lower prices will fall in the short term. The summer driving season begins next month, and refineries are in the process of switching over to more expensive summer fuel blends.

States with the most expensive gas

These states currently have the highest prices for regular gas, according to AAA:

  • California ($5.80)  

  • Hawaii ($5.23)     

  • Nevada ($5.14)   

  • Alaska ($4.72)

  • Washington ($4.69)

  • Oregon ($4.67)   

  • Arizona ($4.62)   

  • Illinois ($4.39)     

  • Idaho ($4.41)   

  • New York ($4.26)  

States with the cheapest gas

AAA reports that these states currently have the lowest prices for regular gas:

  • Missouri ($3.70)  

  • Kansas ($3.72)  

  • Arkansas ($3.74)

  • Oklahoma ($3.73)  

  • Maryland ($3.76)     

  • Nebraska ($3.82)

  • Iowa ($3.84)  

  • South Carolina ($3.81)

  • Wisconsin ($3.81)

  • Georgia ($3.81)

Quick and easy. Find an auto warranty partner now.