BUSINESS: Research + Stats Low Demand Sends Gas Prices Plunging, AAA Report Says By Staff Monday, November 4, 2024 11:42 AM Drivers continue to get a break at the pump as gas prices have stalled, according to a new report from the Automobile Association of America (AAA). The report revealed that low oil costs and tepid domestic gasoline demand have kept prices hovering around $3.13 in recent weeks. This is 8 cents less compared with the same time in September and 34 cents less than a year ago.“After the brief interruption caused by Hurricanes Helene and Milton, gas prices have resumed their gradual seasonal decline,” said Andrew Gross, manager of AAA public relations. “We are only about 7 cents away from the national average’s 2024 low, and it will likely keep rolling and fall below $3.00 soon.” Prices to power electric vehicles also remain low. The latest data from AAA finds that 1.2 million households have one or more electric vehicles. The national average for a kilowatt of electricity at public charging stations fell below 34 cents, according to AAA. Additional new data from the Energy Information Administration finds that at the end of October, gas demand increased from 8.83 million barrels per day to 9.15 million barrels per day. Meanwhile, total domestic gasoline stocks fell from 213.6 million barrels to 210.9 million barrels, while gasoline production decreased last week, averaging 9.7 million barrels daily.The top three most expensive gas markets in the U.S. are Hawaii where fuel averages $4.59, followed by California at $4.56 and Washington at $4.03.The least expensive markets are Texas at $2.68, Mississippi at $2.69 and Oklahoma at $2.70. The nation's least expensive states for public charging per kilowatt-hour are Kansas at 21 cents, followed by Missouri at 24 cents and Nebraska at 25 cents.The most expensive states to charge up a vehicle are Hawaii at 56 cents, West Virginia at 45 cents and New Hampshire at 43 cents.