Gas prices are beginning their late-summer slide, offering drivers a little relief before the busy Labor Day travel season.
The national average for a gallon of regular gasoline dropped three cents over the past week to $4.06, as crude oil prices eased into the mid-$70-per-barrel range amid optimism that shipping through the Strait of Hormuz will continue returning to normal.
It’s the time of year when pump prices often soften, with summer vacations winding down, schools reopening and fewer Americans hitting the road.
National Gas Price Snapshot
Today: $4.06
One week ago: $4.09
One month ago: $3.79
One year ago: $3.17
Florida drivers continue to catch a break, paying an average of $3.95 per gallon—about 11 cents below the national average.
According to the U.S. Energy Information Administration, gasoline demand slipped slightly last week from 9.04 million barrels per day to 9.03 million, while domestic gasoline supplies declined from 211.3 million barrels to 209.7 million. Refiners also trimmed gasoline production, averaging 9.6 million barrels per day.
Meanwhile, U.S. crude oil inventories increased by 2.5 million barrels to 407 million barrels, though stockpiles remain about 6% below the five-year average for this time of year.
California remains the nation’s most expensive state for gasoline at $5.62 per gallon, followed by Hawaii ($5.45) and Washington ($5.14). On the other end of the spectrum, Indiana boasts the lowest average price at $3.54, with South Carolina and Tennessee close behind at $3.61.
For now, barring any major disruptions in global oil markets, drivers can expect gas prices to continue easing as the summer travel season comes to a close.
