June 2024 Fuel Update: Gas Prices Fall



The Midwest saw the greatest drop over the previous week, down 11 cents per gallon, while New England saw the lowest drop at 4 cents.

Photo: EIA/Automotive Fleet


As the summer heats up, fuel prices are cooling down. Despite a brief rise last week, the national average gasoline price is slowly declining. According to GasBuddy, the national average is down 15.9 cents from a month ago, and is 1.9 cents per gallon higher than a year ago.

GasBuddy’s data is compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. It differs slightly from U.S. Energy Information Administration data.

EIA data shows the average price of gasoline in the U.S. at $3.51 per gallon. That’s down six cents from the previous week.

Gas Prices By Region

Here is a breakdown of average regular unleaded gasoline prices by region, as of June 3, according to EIA data:

  • East Coast: $3.44
  • Midwest: $3.34
  • Gulf Coast: $3.04
  • Rocky Mountain: $3.36
  • West Coast: $4.48

The Midwest saw the greatest drop over the previous week, down 11 cents per gallon, while New England saw the lowest drop at 4 cents.

“The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March. Thankfully, gas prices are unlikely to be moved by OPEC’s meeting and agreement to extend production cuts into 2025, leading the national average to fall below $3.50 in the next week,” GasBuddy Head of Petroleum Analysis Patrick De Haan said.

Who Has the Cheapest Gas?

Gasoline prices across the Gulf Coast and Midwest make up some of the lowest in the country. Here’s how the data breaks down state by state, according to AAA data as of June 5:










































































































































































































































































































































































































































Rank State Regular
1 Mississippi $2.99
2 Arkansas $3.01
3 Oklahoma $3.02
4 Texas $3.04
5 Kansas $3.07
6 Louisiana $3.07
7 Tennessee $3.09
8 Missouri $3.12
9 South Carolina $3.15
10 Alabama $3.16

Will the Drop Continue?

De Haan went on to say that GasBuddy data shows gasoline demand will continue to plummet after Memorial Day. That factor, combined with refiners’ efforts to input the largest amount of oil into their facilities in years, it’s likely the drop will continue as we approach the July 4 holiday.



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