Are US Gas Prices Dropping? Americans May Be Paying Even Less At The Pump

The average price of gas in the U.S. dropped to $4.684 per gallon on Sunday, according to AAA.

Gas prices around the world had surged due to the Russian invasion of Ukraine, continued complications from the COVID-19 pandemic, and inflation. As of Sunday, the average price dropped by $0.19 over the past two weeks and $0.24 over the past month. The price of crude oil has also dropped.

"Motorists may see prices drop another 10-20 cents as the oil price cuts continue making their way to street level," assuming prices do not rise again, industry analyst Trilby Lundberg of the Lundberg Survey said in a statement.

As of Thursday, 10 states saw their gas prices decrease by $0.12 or more, including Alabama, South Carolina, Arizona, Virginia (-$0.13), Indiana (-$0.13), Florida (-$0.13), Ohio (-$0.13), Delaware (-$0.15), Texas (-$0.15), and Illinois (-$0.16). The drop comes as gas demand increased for the July 4th weekend.

"Typically, these supply/demand trends would put upward pressure on pump prices; however, falling oil prices have contributed to lower pump prices," according to AAA.

Notably, President Biden had tough words for oil companies who kept prices high at the pump even as crude oil prices came down. The administration has been vocal about the problems causing rising prices stemming from price gouging and the current global climate.

"Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now," Biden posted on Twitter on July 2.