October 2024 Fuel Price Update: National Average Likely To Fall Below $3

In the final week of October, gas prices continue to decline in all regions across the U.S. The national average cost of gasoline decreased around 4 cents in the last week to $3.09, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 37 cents.

“The national average price of gasoline has continued its decline over the last week, as expected, as oil prices have sunk due to Israel avoiding attacks on Iran’s oil infrastructure, and seasonal decreases in demand are pushing gasoline lower, as is normal for this time of year,” Patrick De Haan, head of petroleum analysis at GasBuddy, said.

Some might credit the upcoming election for the declines, De Haan continued. However, strong seasonal forces drive prices lower in the fall, like the decline in the demand for gas as Americans grapple with colder weather.

According to De Haan, gas prices are expected to decline well beyond election day.

See how diesel prices are changing per region on Work Truck.  

U.S. Regional Gasoline Prices as of October 28, 2024

Here’s a look at prices by region according to EIA data, as of Oct. 28:

• East Coast: $3.04
• Midwest: $2.92
• Gulf Coast: $2.64
• Rocky Mountain: $3.19
• West Coast: $3.97

Over the last week, prices declined in every region. Significant changes can be seen in the Midwest and West Coast as they dropped below their respective $3 and $4 benchmarks. The Midwest saw the most significant decrease of about 8 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Oct. 28:

Mississippi and Texas continue battling for the number one state with the cheapest price for a gallon of gas. Currently, 19 states fall below the $3 per gallon benchmark, with the reality of a $2.99 or lower national average a more prevalent reality.

U.S. Regional Gasoline Prices as of October 21, 2024

The end of October is in sight, and gas prices are declining in most regions across the U.S. The national average cost of gasoline decreased 3 cents in the last week to $3.14, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 38 cents.

“The median U.S. price for gasoline has just slipped below the $3 per gal mark for the first time since early 2024, while the national average price of gasoline has returned to decline as oil prices have begun to cool off after Iran’s attack on Israel,” De Haan said.

This week’s downward trend presents a better outlook on targeted effort for prices to fall below the $3 per gallon mark for the first time since 2021, De Haan continued.

See how diesel prices are changing per region on Work Truck.  

Here’s a look at prices by region according to EIA data, as of Oct. 21:

• East Coast: $3.05
• Midwest: $3.00
• Gulf Coast: $2.72
• Rocky Mountain: $3.22
• West Coast: $4.03

Over the last week, prices have dipped in every region except for the East Coast. The Midwest saw the most significant decrease of about 10 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Oct. 21:

Mississippi returns as the number one state with the cheapest price for a gallon of gas at $2.72. Currently, 19 states fall below the $3 per gallon benchmark, with the likelihood of more joining the list in the coming weeks.

U.S. Regional Gasoline Prices as of October 14, 2024

Heading into the third week of October, gas prices are up in most regions across the U.S., with an expectation for decreases soon. The national average price of gasoline increased about 4 cents in the last week to $3.17, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 40 cents.

“For now, while Milton has left a third of all stations in Florida without gas, the storm itself is not impacting prices, and the situation in Florida is expected to improve,” De Haan said.

With restoration happening in Florida, a decline in gas prices in the weeks ahead may be in store, with a good chance of seeing the first sub-$3 per gallon national average since 2021, De Haan continued.

See how diesel prices are changing per region on Work Truck.  

Here’s a look at prices by region according to EIA data, as of Oct. 14:

• East Coast: $3.04
• Midwest: $3.10
• Gulf Coast: $2.73
• Rocky Mountain: $3.25
• West Coast: $4.04

Over the last week, prices have risen in every region except for the Rocky Mountains. The Midwest saw the most significant increase of about 6 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Oct. 14:

Georgia has dethroned Mississippi as the number one state with the cheapest price for a gallon of gas. Currently, 17 states fall below the $3 per gallon benchmark, which may change in the coming weeks.

U.S. Regional Gasoline Prices as of October 7, 2024

In the second week of October, gas prices are down in most regions across the U.S., but may see temporary increases soon. The national average price of gasoline dropped 4 cents in the last week to $3.13, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 54 cents.

“While the national average dipped slightly in the last week, Iran’s attack on Israel has at least temporarily caused oil prices to surge to the highest level in months, which could cause the declines to cease for now and could lead to a rise in gas prices for many Americans,” De Haan said.

Hurricane season remains active, with Hurricane Milton headed toward a likely landfall in Florida, potentially affecting prices in that area. For the most part, De Haan continued, motorists in most areas can expect more gas price increases primarily due to tensions in the Middle East.

See how diesel prices are changing per region on Work Truck.  

Here’s a look at prices by region according to EIA data, as of Oct. 7:

• East Coast: $3.00
• Midwest: $3.03
• Gulf Coast: $2.72
• Rocky Mountain: $3.27
• West Coast: $4.02

Over the last week, prices have risen in the Gulf Coast region. The Rocky Mountain region saw the most significant price drop, decreasing by 14 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Oct. 7:

Mississippi remains the number one state with the cheapest price for a gallon of gas at $2.70. Currently, 16 states fall below the $3 per gallon benchmark, which may change in the coming weeks, pending overseas affairs and hurricane activity.

U.S. Regional Gasoline Prices as of September 30, 2024

Kicking off October, prices at the pump are down ever so slightly in multiple regions. The national average price of gasoline dropped about 1 cent in the last week to $3.17, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 61 cents.