July 2024 Fuel Price Update: Prices Inch Back Upward

After a week of slight gasoline prices across most of the country, the national average has gone back up ever so slightly, with a 1-cent increase at $3.48 per gallon, according to the U.S. Energy Information Administration (EIA). The national rise is driven by increases in the central part of the country.

“We continue to see a mixed bag when it comes to gas prices across the country: states in the Great Lakes region are still being jolted by the Joliet, Illinois, refinery outage, which has also impacted gas prices in some areas of Canada, while areas like the West Coast continue to see notable declines,” GasBuddy Head of Petroleum Analysis Patrick De Haan said.

Still, with the summer winding down and GasBuddy data showing disappointing gasoline demand and struggling oil prices, the national average could fall back down once the Illinois refinery restarts operations, he continued.

The looming hurricane season could throw prices for a loop, though, if activity off the coast of the Atlantic picks up.

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

Here’s a look at prices by region according to EIA data, as of July 30:

• East Coast: $3.39
• Midwest: $3.47
• Gulf Coast: $3.09
• Rocky Mountain: $3.39
• West Coast: $4.10

The Rocky Mountain region saw the greatest uptick in prices, with a 7-cent increase. The Midwest and Gulf Coast also saw an increase, going up 5 cents and 4 cents, respectively.

The West Coast maintains its steady drop in prices. The average price of a gallon of gasoline there has fallen 16 cents in the last month or so.

Here is a look at the states with the 10 lowest average prices per gallon, according to AAA data as of July 30:

Despite prices rising in the Gulf Coast region, the price at the pump in Mississippi remains below $3 per gallon.

U.S. Regional Gasoline Prices as of July 23, 2024

The national average price of gasoline is down ever so slightly, at $3.47 per gallon, according to EIA data. The 2-cent drop on the national average comes despite one region seeing a 5-cent increase.

“While a good portion of the nation saw average gas prices decline, severe weather completely knocked out power to a major refinery outside Chicago early last week, immediately impacting gasoline supplies to Illinois, Wisconsin, Indiana and Michigan, and pushing prices up considerably. We’ve often said how critical refineries are, and with a long power outage, we’re seeing the impact very quickly, but relief will eventually arrive,” De Haan said. 

Still, most of the country has seen a reprieve from rising gasoline prices, De Haan continued. That’s due to weaker-than-expected gasoline demand, building supplies, and a quiet period in the tropics. De Haan believes that as we approach the end of summer vacations, gas prices could continue to edge slightly lower throughout the week.

Curious to see whether diesel prices are also dropping? Check out Work Truck’s weekly diesel price coverage.

Here’s a look at prices by region according to EIA data, as of July 23:

• East Coast: $3.40
• Midwest: $3.42
• Gulf Coast: $3.04
• Rocky Mountain: $3.32
• West Coast: $4.13

The Midwest region is the only one to see an increase, again due to the refinery outage in the Chicago area. Most regions saw around a 6-cent decline in the last seven days. Prices on the west coast continue to slowly move to the $4 line.

Here’s a look at how the prices break down in the top 10 cheapest states for gas right now, according to AAA data as of July 23:

Mississippi once again reached prices below $3, something we haven’t seen in several weeks due to steady increases. The next cheapest state for gas is relatively higher comparatively, at $3.08.

U.S. Regional Gasoline Prices as of July 16, 2024

The average price of gasoline in the U.S. continues to rise ever so slightly across most of the country. According to EIA data, the national price for a gallon of gasoline is barely up one cent this week, at $3.49.

Though the national average is up 5.2 cents from a month ago, it’s still 5.8 cents per gallon lower than a year ago, according to GasBuddy.

“Much like last summer, the nation’s average price of gasoline has remained somewhat stuck in the mid-$3 per gallon range with a mixed bag of prices: small declines in some states and modest increases in others as we wait for what could be the next major trend,” Haan said.

Despite concerns about a potential increase due to Hurricane Beryl, the storm had no major impact on prices. Still, De Haan said some drivers in Texas had trouble finding gasoline due to power outages — though that situation continues to improve day by day.

For now, we’ll continue to see small price fluctuations as we await news of any hurricane-fueled refinery disruptions or other supply challenges as we head into the busiest weeks of the summer travel season,” he added.

Diesel prices saw a bit of a reprieve from their upward trend. Check out Work Truck to see what diesel prices look like across the country.

Here’s how prices break down by region according to EIA data, as of July 16:

• East Coast: $3.46
• Midwest: $3.36
• Gulf Coast: $3.11
• Rocky Mountain: $3.38
• West Coast: $4.19

Prices in some parts of the country are slowly rising, while the Rocky Mountain and West Coast regions have both seen price drops. The Gulf Coast saw the greatest price bump with a 5-cent increase.

Curious to know which states have the cheapest fuel prices? Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of July 16:

For the first time in several weeks, fuel prices in Mississippi have reached the $3 mark. Still, prices in the Magnolia State are almost 10 cents lower than the next cheapest state for gasoline.

U.S. Regional Gasoline Prices as of July 9, 2024

Despite a projected rise in gasoline prices across the United States, some regions are seeing slight drops after the July 4 holiday. According to EIA data, the national price of gas is only up one cent per gallon this week, at $3.48.

Still, the national average is 5 cents lower than the same time last year. However, severe weather may lead to higher oil prices. That could, in turn, cause higher prices at the pump. If the historically early Hurricane Beryl was any indication of how hurricane season will go, the nation could be in for higher fuel prices.

“The national average price of gasoline has nudged higher over the last week as oil prices have continued to push toward multi-month highs. While it looks like this recent rise could be restrained for now, Hurricane Beryl is a stark reminder that hurricane season could play a role in prices in the weeks ahead,” De Haan said. “For now, we’ll likely continue to see some fluctuations in either direction with the national average moving up, but as we approach August and the peak of hurricane season, there remains a risk that the national average could surge temporarily if we see a major storm in the wrong place.”

Hurricane Beryl shut down some significant export facilities in southern Texas, weighing on crude oil prices. 

Here’s a look at prices by region according to EIA data, as of July 9:

• East Coast: $3.45
• Midwest: $3.36
• Gulf Coast: $3.05
• Rocky Mountain: $3.43
• West Coast: $4.22

The Rocky Mountain region saw the greatest increase week-over-week, with prices nudging up 8 cents. The Gulf Coast and Midwest both saw price drops. Last week, the West Coast was the only region to see prices decrease.

Here’s a look at how the prices break down in the top 10 cheapest states for gas right now, according to AAA data as of July 9:

For the first time in several weeks, South Dakota knocked South Carolina out of the top 10 list. Prices in Mississippi are barely staying under $3 per gallon.

U.S. Regional Gasoline Prices as of July 2, 2024

The slight decrease in gasoline prices we saw in early June are no more, with a continued increase over the last few weeks. Still, the average price of fuel at the pump is the lowest it’s been going into July 4 since 2021, according to GasBuddy.

As of July 1, the national average for a gallon of gas is $3.47. That’s a 4-cent increase compared to the previous week. Prices have slowly inched upward over the last several weeks.

GasBuddy’s projected national average price of gas on July 4 is just a penny lower than it was a year ago at $3.50, but is over $1.30 below what motorists paid over the holiday in 2022, when the economy became superheated, and Russia’s invasion of Ukraine pushed oil to triple-digits.

“For those hitting the road to celebrate Independence Day, gas prices have seen modest recent fluctuations, but most states are seeing prices near or even well below where they were a year ago,” De Haan said. “While the first half of the summer has been relatively smooth sailing, the road ahead may be bumpy. Activity in the tropics has increased, and projections remain for a very busy hurricane season. Even after the holiday fireworks are over, we’ll be watching for any potential fireworks at the pump that could be brought on by hurricanes disrupting refineries.”

U.S. Regional Gasoline Prices as of July 1, 2024

Here’s how prices break down by region according to EIA data, as of July 1:

• East Coast: $3.38
• Midwest: $3.41
• Gulf Coast: $3.07
• Rocky Mountain: $3.35
• West Coast: $4.23

Across most of the country, prices continue their upward trend, with the Midwest seeing the greatest jump week-over-week with a 9-cent increase. The West Coast continues to hold strong with steady price drops.

Here’s a list of how the prices break down in the top 10 cheapest states for gas right now, according to AAA data as of July 2:

Right now, Mississippi remains the only state with gas prices under $3 per gallon.