Gas Prices Are The Lowest They Have Been In Years | Carscoops

      Gas prices are currently at their lowest in years, with the national average sitting at $3.167 per gallon. This marks a decrease of nearly 50 cents compared to a year ago and is significantly lower than the record highs of 2022.

      Prices may remain low, but the cost of gas varies greatly depending on your location. As the summer driving season approaches, there's hope for continued relief, as this year's prices are much lower than last year's average of $3.660 at the same time.

      In 2022, fuel prices soared to record highs, with an all-time average of $5.016 per gallon for gas and $5.816 per gallon for diesel during the summer months. Fortunately, those high prices are now behind us, though they differ widely by state. For example, California sees an average of $4.85 per gallon, Hawaii $4.51, and Washington $4.33, which is quite a contrast to the $2.70 average in Mississippi and Tennessee, and $2.73 in Texas.

      According to AAA, these low prices are driven by weak demand and could persist due to the lowest crude oil prices in several years. Despite a decrease of 2 million barrels in domestic gasoline supply last week, gasoline production has risen to an average of 9.4 million barrels per day.

      While several factors are influencing prices, economic worries are prevalent due to the global trade conflict. Many are anticipating a recession in the United States, which could further reduce demand and lead to lower prices.