Today’s average price of gas in the U.S. is $3.66 per gallon, unchanged from yesterday, down $0.02 from last week and up $0.12 from last month.
The average price of a gallon of gas one year ago today was $3.62.
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Which State Has the Highest Gas Prices?
California has the highest price of gas, with an average of $5.40 per gallon of regular gas.
Which State Has the Lowest Gas Prices?
Mississippi has the lowest price of gas, with an average of $3.08 per gallon of regular gas.
What’s Happening With Gas Prices?
Gas prices have steadily fallen since the fall of 2023, thanks to sluggish demand and increased supply. But gas prices have seen an early 2024 rebound, sparked by higher oil costs.
In late January, West Texas Intermediate Crude Oil (WTI) Prices—a benchmark for oil prices—closed at $75.09, marking a 72-cent increase. This rise followed the Energy Information Administration’s (EIA) report of a substantial 9.2 million-barrel decrease in total domestic commercial crude stocks. The notable drop suggests potential price increases if demand rises due to a tightening supply.
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.
“We expect U.S. gasoline prices to average around $3.40 per gallon (gal) in 2024 and $3.20/gal in 2025, compared with an average of more than $3.50/gal in 2023,” the EIA’s wrote in its most recent “Short-Term Energy Outlook.”
5 Ways to Save Money on Gas
Gas prices remain higher than they were a year ago. If you need help managing those costs, consider these smart strategies to save at the pump.
1. Download Gas Apps
Gas apps are arguably the easiest way to find cheap gas near you. These apps require little commitment compared to loyalty and rewards programs that limit you to a specific store or brand of gas station.
There are a variety of gas apps out there to help you make an informed decision about where to fill up your tank next. Popular apps like GasBuddy, Waze and Google Maps are free and show gas prices in real-time via a map directly in the app.
Some gas apps offer complementary rewards programs to help you save at the pump. GasBuddy, for instance, offers a rewards program that can save users up to 25 cents per gallon at the pump.
Read more: 5 Apps To Find The Cheapest Gas Near You
2. Enroll in Gas Rewards Programs
If you have a favorite gasoline retailer, consider enrolling in its rewards program to earn points each time you fill up. Points can later be redeemed for discounts on your gas purchases. Most major gas station chains, including Exxon, Shell and Circle K, have rewards programs.
3. Stack Savings With Grocery Store Rewards
Grocery chains also have rewards programs that provide discounts on gas. Kroger, for example, gives members one fuel point for every $1 spent in Kroger supermarkets. The points can be redeemed at Kroger gas stations or other gas station chains.
Being strategic with where you redeem the points will reap the biggest savings; purchasing gas at a Kroger gas station, for example, will give you a redemption value of up to 1,000 fuel points, for $1 off per gallon.
4. Buy Gas with a Rewards Credit Card
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 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.
Read more: Best Gas Credit Cards
5. Fill up Your Tank on Mondays
You might be surprised to find that filling your gas tank on a certain day can maximize your savings. A survey by GasBuddy found that gas is the cheapest in most states on Monday, while Wednesday, Thursday and Saturday were the most expensive.
Find The Best Credit Cards for Gas in 2024
