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Gas Prices

What are gas prices in the US and each state? Today 7 July 2022

Gas prices are moving down slowly after edging up during the holiday weekend. Where do they stand now?

Update:
FILE PHOTO: Gas prices over the $8.00 mark are advertised at a Chevron Station in Los Angeles, California, U.S., May 30, 2022. REUTERS/Lucy Nicholson/File Photo
LUCY NICHOLSONREUTERS

Prices for fuel have dropped from their peak of $5.01 on 14 June to $4.77 on 6 July. This is down slightly from the prices seen over the holiday weekend.

While prices continue to edge down in nearly every state, reductions in prices for many are so minimal that they won’t be felt in these relatively expensive times. Fuel in Europe is currently much more expensive compared to the US, for example.

The President sent a warning to oil companies to stop gouging consumers but it does not mean to be making a real impact. Later this month all of the major oil and gas giants will hold their quarterly reporting calls and if they are any like those that took place after quarter 1, the gains will be historic.

Some members of Congress have called upon their collegues to pass a bill that would enact a new tax on windfall profits for big oil companies if tremendous profits are made this year.

The national debate seems to be between whether or not the price increases are stemming from government inaction by President Biden or the greed of oil companies continues. It is critical, however, to note that the US president does not dictate the price of gas. While the oil and gas industry has said that they are unable to extract more of the resource because the federal government will not provide new leases, this is incredibly misleading. The United States is one of the largest oil producers in the world, and many companies have no even invested in building out the infrastructure to begin extraction on the lands that they do have.

Though prices have been trickling down for the last two weeks, 2022 is the year with the highest July fourth fuel prices in all of time. The prior price record was set in 2008 at $4.10 per gallon.

The AAA Gas Prices website updates the price of fuel every day, showing the overnight price changes at the national and state level. Every day up to 120,000 stations are surveyed in cooperation with WEX Inc for unmatched statistical reliability.

Date: Thursday 7 July 2022

Today’s national average: $4.721 (-$0.031 from July 7)

Selected states’ daily average

California: $6.185 (-$0.172)

Texas: $4.333 (-$0.035)

Florida: $4.486 (-$0.171)

New York: $4.857 (-$0.030

Gas cost calculator

The AAA website includes a useful gas cost calculator to help Americans work out how much their trip is likely to cost. Just enter your starting location plus two, or three, destinations as well as car model details.

In which states is gas most expensive?

The five states with the highest average regular gas prices today are:

California: $6.185 (-$0.172)

Hawaii: $5.617 (+$0.001)

Alaska: $5.540 (-$0.003)

Nevada: $5.447 (-$0.006)

Oregon: $5.447 (+$0.001)

In which states is gas least expensive?

The five states for the lowest average regular gas prices today are:

South Carolina: $4.257 (-$0.021)

Georgia: $4.260 (-$0.24)

Mississippi: $2.273 (-$0.028)

Louisiana: $4.314 (-$0.024)

Arkansas: $4.331 (-$0.019)

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