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Fuel Prices Are Coming Down, the West Coast Still Feels the Heat

The national average price for gas has dropped significantly. There’s even hope for more downtrends in the following weeks. However, things are not the same everywhere. Some Americans are paying more than others. Here’s what you need to know.
Fuel Pump 6 photos
Futures Contracts for a Barrel of OilNational Average U.S. Gas PriceGas PumpGas PumpGas Pump
There’s some relief for drivers, workers that need their vehicles, and businesses. The national average price for gas is sitting at under $4.5 a gallon right now. According to AAA, we’re looking at a price range that starts from $3.9 and climbs up to $5.8 per gallon.

Southerners living in Texas, Georgia, or South Carolina are paying less than $4 a gallon, while Americans on the West Coast from Nevada, Oregon, and Washington are seeing prices going over the $5.2 mark. California, however, tops the charts with $5.84 a gallon.

This is a significant improvement. Just last month, we were finding out that some people were filling up with premium gas for $9.79 a gallon in some parts of the Golden State.

Even though people are continuing to travel, the oil markets are cooling off. Futures contracts show that traders anticipate a downturn that might start in September with $99.81 for a barrel of oil. The same parties are betting that in June 2023, the price will fall even further to $85.21.

Right now, there’s still a long way to go. Gas prices across the country were around the $2.33 mark when Joe Biden assumed the highest office in the country. The President went to our allies from the Middle East to negotiate an increase in oil extraction. But he and the entire administration must take further proper action to make sure Americans will see fuel prices drop even lower.

It’s important to keep in mind that while fuel prices are a big part of why we pay more for the same stuff we used to get for ourselves and our families, our nation is part of a complicated global trade. A return to the reality we experienced before the global health crisis is nearly impossible.

Drivers and businesses should still be on the lookout. On one hand, some financial experts argue that demand will fall again in the winter when traveling will slow down and some minimal movement restrictions might be set in place, while other strategists are betting on China’s full recovery, which is going to lead to an increase in fuel consumption.

 
 
 
 
 

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