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U.S. Gasoline Prices Drop to Lowest July Average Since 2020

Retail gasoline dropped to $3.149 per gallon after peaking in mid-June, reflecting ample supply with softer seasonal demand

Overview

  • The national average for a gallon of regular gasoline fell to $3.149 on July 8, marking the lowest July price since 2020 and down from $3.171 last week.
  • Gulf Coast motorists paid $2.74 per gallon on June 30, 13.4% below the national average and about 10% cheaper than a year ago.
  • Prices have remained in a narrow range of $3.14 to $3.19 per gallon over recent weeks after a brief rise in mid-June.
  • Mississippi led the nation with the cheapest fuel at $2.705 per gallon, followed by Oklahoma, Louisiana, Alabama and Texas.
  • California topped the priciest markets with $4.544 per gallon, with Hawaii, Washington, Oregon and Nevada also above $4.