The national average price for a gallon of regular gas decreased again on Thursday, falling to $4.093. It was the sixth price decrease in the national average for gas prices in the last seven days, according to AAA. Gas prices had been rising daily throughout the country, primarily due to the military conflict between U.S., Israel, and Iran.
Fuel costs were a little more than 1 cent per gallon cheaper compared to Wednesday’s price of $4.108 per gallon. Gas prices were over seven cents per gallon lower than a week ago, when regular gas cost $4.166 per gallon, according to AAA. This week marks the first time since February that the national average price for a gallon of regular gas was less expensive than the previous week.
Despite the recent drop in costs, gas prices are still higher than a month ago, when a gallon of regular gas cost just $3.718. Thursday’s prices are also more expensive than last year, when gas prices had dropped to just $3.169 per gallon. Fuel costs have increased substantially since then, most particularly since the end of February.
Since gas hit $2.79 per gallon on Jan. 12, a five-year low, prices have gradually increased. Initially, winter weather nationwide was blamed for rising fuel costs, as snowstorms in January and February disrupted oil refinery operations and production. However, fuel prices began to soar after the Iran war began in late February. During the first week of March, a gallon of regular gas increased to $2.98. By March 31, the national average price of regular gas had risen to $4.02 per gallon.
Thursday’s drop in gas prices came the day after Treasury Secretary Scott Bessent said he believed a major decline in gas prices would occur somewhere over the summer. He predicted fuel costs would decline to much more affordable prices near $3 per gallon sometime between June and September. He said the drop was contingent upon progress in the war with Iran.
“I’m optimistic that sometime between June 20 and September 20, we can have $3 gas again,” said Bessent on Wednesday.
“We’ll see,” he added. “But I think over the summer we could see gas prices starting with a three sooner rather than later.”
Bessent’s message contradicted U.S. Secretary of Energy Chris Wright, who warned on Monday that gas prices could continue to rise through the summer, stating fuel costs could rise slightly more before the U.S. elections in November.
Despite recent increases and overall fluctuations in the national average gas price, costs vary by region. The most expensive gas prices in the nation are in the western United States. The most affordable gas prices are found in the Midwest and the Great Plains states.
CHRIS WRIGHT WARNS GAS PRICES MAY STAY HIGH THROUGHOUT THE SUMMER
California remains the state with the highest statewide average gas price in the country, at $5.864 per gallon. This is followed by Hawaii at $5.659 per gallon. Next is Washington state at $5.388, and then Oregon at $4.992. Nevada rounds out the five most expensive gas prices at $4.953 per gallon.
Oklahoma continues to have the lowest gas prices in the country, at $3.435 per gallon. This is followed by Kansas at $3.502 per gallon. North Dakota is next with a statewide average of $3.612 per gallon. Then there is Nebraska at $3.626 per gallon, followed by Iowa at $3.632 per gallon.