August 2024 Fuel Price Update: Prices Cool Down

To kick off August, prices at the pump are down in most of the country. The national average price of gasoline dropped 4 cents in the last week to $3.44, according to the U.S. Energy Information Administration (EIA). Prices year-over-year are down 38 cents.

This week’s drop is the byproduct of a jobs report, a GasBuddy analyst believes.

“With oil prices plummeting due to new concerns over the U.S. economy after a poor jobs report, gasoline prices have seen downside in many states, with potential for more to join that trend this week as previous refinery disruptions in the Great Lakes region fade away and the restart process begins,” GasBuddy Head of Petroleum Analysis Patrick De Haan said.

While all eyes in the Southeast are on Tropical Storm Debby, De Haan said the storm poses low risk to refineries or refined product pipelines, so it’s not a major concern. He said he expects gasoline prices in most states to gently decline in the week ahead, with rising tensions in the Middle East being a wildcard.

Diesel prices are down across the board. Check out Work Truck to see which region has the lowest prices.

U.S. Regional Gasoline Prices as of August 6, 2024

Here’s a look at how prices break down by region according to EIA data, as of August 6:

• East Coast: $3.37
• Midwest: $3.47
• Gulf Coast: $3.01
• Rocky Mountain: $3.43
• West Coast: $4.08

Over the last week, prices rose only in the Rocky Mountain region. The Gulf Coast saw the greatest drop in prices, sinking 8 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of August 6:

Mississippi maintains its under $3 per gallon price, with nearly a 9-cent difference between it and the second cheapest state for gasoline.