Gas Prices Falling as Summer Heads Into Full Swing

Gas prices are falling as the summer heads into full swing, which is a thankful relief for road-weary drivers tired of paying high prices to fuel their vehicles.

AAA reports that gasoline prices dropped 8 cents in the first week of June, the most significant weekly drop of 2024 thus far. “This drop in pump prices appears to have some sticking power for now,” said AAA spokesperson Andrew Gross. “More states should see their averages dip below $3 a gallon in the coming weeks.”

The national average is currently $3.45 as of Wednesday, June 12, which is 17 cents less than one month prior and 14 cents less than in 2023.

CBS News spoke to Patrick De Haan, head of petroleum analysis at Gas Buddy, about the downward trend in prices. He shared, “Not only have gasoline prices plummeted in nearly every state in the last week, but nearly every state has also seen prices drop compared to a month ago. With the declines, Americans will spend roughly $425 million less per week on gasoline than a year ago.”

Per The Associated Press, there are some contributing factors to falling gas prices. These include the fact that there are fewer people on the road, the drop in cooling oil costs, and the increased number of electric vehicles on the road today.

The Biden administration announced in May it would release 1 million gasoline barrels, or about 42 million gallons, from a Northeast reserve to lower pump prices this summer. But De Haan noted that such action has little impact nationally — 42 million gallons equals less than three hours of U.S. daily gas consumption.

According to AAA, 10 states saw significant changes in their overall gas prices in early June. These include Indiana, Alaska, Illinois, Florida, Michigan, Ohio, Kentucky, Nevada, California, and Wisconsin. As of June 6, the least expensive states to purchase gas were Mississippi, Arkansas, Oklahoma, Texas, Kansas, Louisiana, Tennessee, Missouri, South Carolina, and Alabama.