Well, in 2022 alone, we’ve seen the 10 most expensive national average prices since 2018. California has the most expensive gas in the US as of Feb. 29, 2024, with the highest gas prices in the US costing $4.74 a gallon. It’s followed by Hawaii ($4.71) and Washington ($4.09) as the next two most expensive states to buy gas. Some people believe that the cost of an eGallon is understated, as it does not take into account the cost of maintaining and repairing an electric vehicle.

The national average gas price rose from $3.23 per gallon on Feb. 22, 2024, to $3.27 per gallon on Feb. 29, 2024 — an increase of $0.04 per gallon or about 1%. Overall, however, people are paying about 35 cents less per gallon at the pump now than they were this time last year, according to data from the EIA. Despite recent increases in gas prices, forecasters are optimistic that prices will see an overall decrease in 2024 and into 2025. As GOBankingRates previously reported, U.S. gas prices have gone up more than 45 cents per gallon since the conflict began. You could save between $105 to $138 per month on fuel costs by choosing a fully electric vehicle over a gas-powered one. However, the exact amount you’ll spend on charging an electric car depends on where you charge it.

If you pay off your credit card balance in full each month, you can maximize your savings by purchasing gas with a cash-back credit card. Some cards have specific spending categories for earning high percentages of cash https://www.topforexnews.org/ back (think 5% cash back per $1 spent), and gas is a popular category. Pay off your credit card balance in full each month to avoid costly interest. As of Tuesday morning, 28 states have average prices over $4.

But gas prices have seen an early 2024 rebound, sparked by higher oil costs. Mississippi has the lowest price of gas, with an average of $2.93 per gallon of regular gas. California has the highest price of gas, with an average of $4.86 per gallon of regular gas. Some gas locations reported prices about $2 over the state average. Stations in Los Angeles and San Francisco sell regular gas for more than $6 per gallon, some reaching nearly $7. In the city of Gorda, about 140 miles south of San Francisco on the coast, one station charged $7.59, KSBW reported.

US gas prices: 2018 to February 2024

In 2008, the average gas price was about $3.50 per gallon. Although this price is much higher than the current average gas price, it is https://www.currency-trading.org/ significantly lower than in previous years. For example, in 2000, the average gas price was over $1.50 per gallon more than in 2008.

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Highest gas prices in the US: 2018–2024

An eGallon compares the amount of energy it takes to fuel a car with electricity with the amount of energy to fuel a car with gasoline. According to the Department of Energy, an eGallon costs about $1.00 to drive an electric vehicle, the same distance as a gallon of gasoline costs in a conventional car. Although few refiners operate or own retail outlets, few individual businesses purchase gasoline from marketers and refiners and sell it to the public.

1. At the other end of the spectrum are both the Honda Civic and Toyota Corolla Cross at a cost of $38.82 for a tank of gas, with the Mazda CX-30 in third at $39.76.
2. An eGallon compares the amount of energy it takes to fuel a car with electricity with the amount of energy to fuel a car with gasoline.
3. Some cards have specific spending categories for earning high percentages of cash back (think 5% cash back per $1 spent), and gas is a popular category.
4. The new high eclipses the previous record of $4.103 set in 2008.
5. Here we will tell you about the 6 factors that often push the gas price up or down.

Similarly, prices tend to rise during the spring and summer months when more drivers are on the road. In a Gas Buddy study, 19 states had the highest gas prices at the end of the work week. Gas prices tend to increase in the spring and summer.

Gas prices rise and fall according to supply and demand. If the supply is down and the demand is high, prices increase. If the demand is low and the supply solid, prices tend to fall. Grocery chains also have rewards programs that provide discounts on gas.

Cheapest states to buy gas right now

Gas prices also vary based on other factors such as salaries, wages, equipment, rents, lease, and benefits. Suppose, in January 1950, a gallon of gasoline cost 20 cents in the US. Adjusting the inflation, in January 2020, https://www.investorynews.com/ if the taxes, demands, and supplying state remain the same, the rate would increase up to $2.89. As it stands, the average price for a gallon of gasoline in the United States right now is $4.865, according to AAA.

How much has gas ever cost at its highest price?

At this price point, EVgo also charges a $7 monthly subscription fee. The US consumed roughly 135 billion gallons (or about 3.22 billion barrels) of gasoline in 2021, according to the The U.S. Energy Information Administration (EIA)(7). This is slightly ahead of house hold bills and groceries at 85%.

The notable drop suggests potential price increases if demand rises due to a tightening supply. The average price of gasoline spiked to $1.353 a gallon that year — up from $1.221 in 1980 and more than double the price just three years earlier. Adjusted for inflation, the average price of gas in 1981 would have equaled $2.421 a gallon in 2020. Get an idea of how much you’ll pay each time you charge these popular electric models. Charging at home typically costs you two to three times less than charging at a Level 3 fast-charging station. While 2022 is the year of expensive gas, 2020 is host to all 10 of the cheapest gas prices since 2018.

Both set you back $81.50 at the gas station, while you could have filled up with $91.53 a year ago. This means what you’ll pay at the pump in 2024 is about $0.26 more expensive than the national six-year average. According to the EIA, the gas price will increase to $3.6 per gallon. Over the last few years, the world’s population has increased dramatically.