BUSINESS: Research + Stats Gas Prices Fall as Demand Weakens, AAA Report Says By Staff Friday, September 13, 2024 2:55 PM Gas prices continue to plummet as demand falls, according to a new report from The Automobile Association of America (AAA). The report finds that prices have fallen six cents in the past week to an average price of $3.24. Experts with AAA believe the main cause of the dip is low demand and falling oil prices. Meanwhile, the national average cost for public EV charging slid upward after several months of stability, increasing by one cent. “There are an ever-increasing number of states east of the Rockies that have some retail gas locations selling regular for under $3 a gallon, so drivers will have more in their wallets with autumn approaching,” said Andrew Gross, manager of AAA Public Relations. “Should the national average fall below $3, it will be the first time since May 2021.” Gross noted that more than 1.2 million of its members live in households with one or more electric vehicles. The national average for a kilowatt of electricity at a public charging station has reached 35 cents. New data, from the Energy Information Administration (EIA), shows that gas demand fell last week from 8.93 million barrels per day to 8.47 million. Meanwhile, gasoline production decreased last week, averaging 9.4 million barrels per day. This sent gas prices falling as demand continued to slide along with oil costs. The average cost of a gallon of gas is 20 cents lower than in August and 59 cents less than the same time last year. The EIA reports that crude oil inventories increased by 0.8 million barrels from the previous week, while U.S. crude oil inventories are about 4 percent below the five-year average for this time of year. In the past week, 10 states have seen the largest changes in their averages, with Ohio seeing the biggest dip of 17 cents and Indiana falling 14 cents. Mississippi has the cheapest gas prices, averaging $2.76 per gallon, followed by Tennessee at $2.78 per gallon. The nation’s least expensive states for L2 commercial charging per kilowatt-hour are Kansas at 22 cents and Missouri at 24 cents. The nation’s most expensive states for L2 commercial charging per kilowatt-hour are Hawaii at 57 cents per kilowatt-hour and West Virginia at 45 cents per kilowatt-hour.