Stable Gas Prices: A Surprising Trend for the Season

Recent times have seen a peculiar trend – gas prices have been remarkably consistent. This has many wondering, for how long will this stability last?

Typically, gas prices exhibit certain patterns – as the temperature rises and roads witness an influx of vehicles, gas prices shoot up. But as winter approaches, these prices generally dip. This year, however, has witnessed a slightly different story. The fluctuations we’re used to seeing have been subtle at best. As described by AAA, the gas prices seem to be in a steady phase.

Over the past weeks, the national average gas price has hovered around the low-to-mid-$3.80s. This duration of price stability is noteworthy as per AAA’s observation, especially given that there’s been a spike in gas demand and the price of oil is inching towards the mid-$80s per barrel.

A Potential Drop to $3/Gallon for the Festive Season?

Andrew Gross, a spokesperson for AAA, commented, “We seem to be at a crossroads in deciding the trajectory of gas prices – will they escalate or decline? The recent summer patterns had an impact on refinery outputs, but now we have to consider oil costs to ascertain if this surge in prices is nearing its end. Any increase in oil price could potentially lead to a rise in gas prices. Let’s watch this space.”

This stable trend isn’t a recent phenomenon. A glance at the gas price graph for 2023 indicates a consistent pattern, unlike the previous four years which showed significant highs and lows, with 2019 being an exception.

Recent data from the Energy Information Administration reveals a jump in gas demand from 8.84 to 9.30 million b/d in the past week. Concurrently, the domestic gasoline inventory shrunk from 219.1 to 216.4 million bbl. A combination of high demand and limited supply invariably leads to higher prices. To put it in perspective, gas prices have surged by approximately 29 cents over the past month, yet it’s still roughly 11 cents less than the same period last year.

A Peek into the National Gas Price Landscape

Now, let’s dive into the nation’s gas pricing scenario as laid out by AAA:

Top 5 States with the Highest Average Gas Prices:

1. California: $5.15 Regular | $5.35 Mid | $5.51 Premium | $5.63 Diesel
2. Washington: $5.03 Regular | $5.23 Mid | $5.43 Premium | $5.21 Diesel
3. Hawaii: $4.78 Regular | $4.99 Mid | $5.23 Premium | $5.72 Diesel
4. Oregon: $4.68 Regular | $4.88 Mid | $5.10 Premium | $4.73 Diesel
5. Alaska: $4.48 Regular | $4.65 Mid | $4.84 Premium | $4.30 Diesel

Top 5 States with the Lowest Average Gas Prices:

1. Mississippi – $3.32 Regular | $3.66 Mid | $4.03 Premium | $3.89 Diesel
2. Louisiana – $3.43 Regular | $3.78 Mid | $4.14 Premium | $3.96 Diesel
3. Alabama – $3.43 Regular | $3.79 Mid | $4.17 Premium | $4.03 Diesel
4. Tennessee – $3.43 Regular | $3.80 Mid | $4.16 Premium | $4.10 Diesel
5. Texas – $3.45 Regular | $3.82 Mid | $4.16 Premium | $3.89 Diesel

For most drivers, this steady phase in gas prices can be a sigh of relief. But as always, it’s wise to keep an eye on the trends as they evolve.

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