Gas prices fall for 12 consecutive weeks; longest decline since 2018

Gas prices fall for 12 consecutive weeks; longest decline since 2018
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DALLAS, Tex. – Oil & gas experts say the price per gallon of standard fuel has fallen for 12 consecutive weeks, making it the longest decline in fuel prices since 2018.

According to data collected by Gasbuddy.com, national gas price averages have declined 7.7 cents since last week to $3.75. However, according to data collected from more than 11 million reports from over 250,000 stations nationwide, the average price for fuel is still nearly 60 cents higher than this time last year.

“The national average has declined for 12 straight weeks, the longest tally since 2018, and it could soon eclipse that mark if we see two more weeks of decline. Though, that may be more challenging given OPEC’s decision yesterday to cut oil production,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “For now, price movements will be contingent on where you are.”

Regional fuel price per gallon

  • Kansas: $3.43
  • Oklahoma: $3.25
  • Arkansas: $3.22 (lowest in the nation tied with Texas and Mississippi)
  • Missouri:  $3.38

Trends

According to GasBuddy’s 6-year report, the average price of fuel tends to decrease every two years ahead of midterm elections. The 2022 Elections falls on November 8th this year.

Fuel demand and travel have increased for five consecutive weeks.