Gas prices are down across the country and it’s beautiful to see. Those prices could be going even lower to levels not seen in over three years.
According to data from AAA, the national average sits at just $3.37. That’s 47 cents lower than it was a year ago and 13 cents lower than it was a month ago. There’s still outliers such as California, with an average sitting $1.22 higher ($4.59) than the national average. Or places like Oklahoma and Tennessee with average prices sitting just under $3.00 a gallon.
So what exactly is helping to keep gas prices low during a time when they’re usually higher due to summer traveling? You can thank factors like EVs, remote work and old people for keeping prices in check as NPR reports:
Kloza points to several factors to explain the change: Remote work means fewer commuters. There are an estimated 3.3 million electric vehicles on U.S. roads, more than twice as many as in 2021. More EVs have helped keep demand for gasoline in check, although Kloza notes that the effect is relatively modest, with every million EVs sold reducing demand by about 22,000 barrels a day. And Kloza also notes the gradually aging U.S. population — older Americans, he says, “tend to drive a lot less.”
NPR says that gas prices are expected to average just $3.00 nationality going into the holiday season and remain low into early 2025. There’s a wildcard though that might cause a price spike: a hurricane season that seems to start earlier and earlier each year.
Forecasters have warned of a particularly active hurricane season this year, but things have been quieter than expected — so far. Hurricane Beryl did considerable damage in parts of the Caribbean and caused some disruptions to U.S. refinery operations, but things got back to normal pretty quickly.
We might be through the thick of it as experts told NPR that the season usually starts to peak around this time of year. Gas prices started to tick downward just over a year ago now. Back in August 2023, we noticed that gas prices had been flat and hadn’t budged. This was in spite of an increase in demand. Hopefully though gas prices go even lower. All the more reason to make a case for both EVs and remote work.