Gas Prices Go Down, but How Low Will They Go?

Washington, DC–As gas prices keep falling this summer, the big question is how low will they go? This past week, the national average for a gallon of regular fell three cents to $3.13. You’d have to go back to 2020 for a lower national average on August 21 – that day the price was $2.18. With gas prices for this day the lowest they’ve been in 5 years, some are wondering if the national average will go below $3 a gallon in the coming weeks. There are too many variables to make a prediction; the oil market is too volatile. But if crude oil prices remain low and barring any major geopolitical events or tropical storms hitting the Gulf Coast, it’s safe to say drivers could continue to see cheaper prices at the pump as summer winds down. 

 The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 36 cents. 

For the complete fuel report, including the latest EIA data, state gas and EV charging price trends, and oil market dynamics, please visit AAA Fuel Site.