- Gas prices in the US have declined for several weeks.
- The average cost of a gallon of regular gasoline hit $4,577 on Friday.
- But American consumers are still grappling with inflation.
US gasoline prices have dropped for over 30 consecutive days as of Friday, helping out drivers at the pump after prices reached averages of more than $5 per gallon last month.
The average cost of a gallon of regular gasoline in the US hit $4,577 on Friday, according to AAA, with mid-grade costing $5,025, premium costing $5,320 and diesel at $5,572. Although current gas prices have dropped since last month, they are still up from the national average a year ago – $3,155.
But this week has not brought entirely good news for US consumers. Inflation jumped again in June, hitting another 40-year high. Prices increased by 9.1% from a year earlier.
Patrick De Haan, head of petroleum analysis at GasBuddy, told USA TODAY that he predicts gas prices could continue declining in the coming weeks, although factors around the world could drive prices up again.
“I foresee the next few weeks us going down, barring an unexpected development or even something like unexpectedly good economic data,” he said. “If we tip into a recession, that could push prices down. If there is data that we aren’t going to tip into a recession, that could cause prices to go up.”
“But really, I’m worried about the unpredictable events like refinery shutdowns due to a hurricane or other factors,” he added.
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Here are the states where the average prices for a gallon of regular gas are the cheapest for US drivers – and where they’re the most expensive – as of Friday.
States with the least expensive average gas prices:
- South Carolina – $4,086
- Georgia – $4,090
- Mississippi – $4,098
- Texas – $4,105
- Louisiana – $4,133
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States with the most expensive average gas prices:
- California – $5,953
- Hawaii – $5,598
- Alaska – $5,399
- Oregon – $5,313
- Nevada – $5,304