August 2024 Fuel Price Update: Prices Cool Down – Fuel

To kick off August, prices on the pump are down in a lot of the country. The national average price of gasoline dropped 4 cents within the last week to $3.44, based on the U.S. Energy Information Administration (EIA). Prices year-over-year are down 38 cents.

This week’s drop is the byproduct of a jobs report, a GasBuddy analyst believes.

“With oil prices plummeting attributable to recent concerns over the U.S. economy after a poor jobs report, gasoline prices have seen downside in lots of states, with potential for more to affix that trend this week as previous refinery disruptions within the Great Lakes region fade away and the restart process begins,” GasBuddy Head of Petroleum Evaluation Patrick De Haan said.

While all eyes within the Southeast are on Tropical Storm Debby, De Haan said the storm poses low risk to refineries or refined product pipelines, so it isn’t a serious concern. He said he expects gasoline prices in most states to softly decline within the week ahead, with rising tensions within the Middle East being a wildcard.

Diesel prices are down across the board. Take a look at Work Truck to see which region has the bottom prices.

U.S. Regional Gasoline Prices as of August 6, 2024

Here’s a have a look at how prices break down by region based on EIA data, as of August 6:

• East Coast: $3.37
• Midwest: $3.47
• Gulf Coast: $3.01
• Rocky Mountain: $3.43
• West Coast: $4.08

During the last week, prices rose only within the Rocky Mountain region. The Gulf Coast saw the best drop in prices, sinking 8 cents.

Here’s an inventory of the ten lowest average prices per gallon, based on AAA data as of August 6:

Mississippi maintains its under $3 per gallon price, with nearly a 9-cent difference between it and the second most cost-effective state for gasoline.