Gas Prices Fall For 50 Straight Days, Approach $4 Per Gallon: Which States Have The Cheapest Gas?

Zinger Key Points
  • Some of the states with the lease expensive gas include Wisconsin, Florida, Texas and Georgia.
  • OPEC+, the group of the world’s leading oil producers, is set to boost production by 100,000 barrels per day.
Gas Prices Fall For 50 Straight Days, Approach $4 Per Gallon: Which States Have The Cheapest Gas?

Some believe the psychological level in gas price, for now, is $3.99 per gallon — and it seems that’s where it could be headed.

According to GasBuddy statistics, the nation's average gas price has decreased for the seventh consecutive week, down 15.9 cents from a week ago to $4.16 per gallon today.

“We continue to see average gas prices falling in every state,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below.” De Haan noted.

Some of the states with the least expensive gas include Wisconsin, Florida, Texas and Georgia.

“For now, Americans are seeing prices nearly 90 cents lower than their mid-June peak and are spending close to $330 million less on gasoline every day as a result,” the analyst wrote.

Global demand for oil has fallen in recent weeks as economic growth has slowed in major parts of the world including the U.S. and China, which is priced into current gas prices, noted Tom Kloza, global head of energy analysis for OPIS.

OPEC+, the group of the world’s leading oil producers, is set to boost production by 100,000 barrels per day, providing the market with additional supply at a far slower rate than in previous months.

Related: Is OPEC's Tiny Increase In Oil Output An Insult Toward Biden? What You Need To Know

It should be noted that the world consumes more than 88 million barrels of oil per day. That means 100,000 barrels a day would make up only 0.1% of the world's oil demand.

Brent Crude, the world’s oil benchmark, fell from recent highs of $110.57 at the end of July to $98.18 at the time of writing.

“If nothing goes wrong, we could see prices in October, November, December falling noticeably under $4 a gallon for the national average,” De Haan said.

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