Gasoline prices continue to fall toward $4 a gallon

Vermont Business Magazine Vermont gasoline prices fell another 6 cents last week to an average of $4.41 per gallon today, according to GasBuddy. Prices have fallen 36 cents in the last month but are a $1.34/g higher than one year ago. Prices are falling nationally faster than in Vermont.

The national average price of gasoline has fallen 15.8 cents per gallon in the last week, averaging $4.01/g today. The national average is down 68.7 cents per gallon from a month ago and stands 83.6 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

The national average price of diesel has declined 13.1 cents in the last week and stands at $5.14 per gallon.

Meanwhile, average gasoline prices in Burlington have fallen 9.2 cents per gallon in the last week, averaging $4.39/g today, according to GasBuddy’s survey of 100 stations in Burlington. Prices in Burlington are 36.9 cents per gallon lower than a month ago and stand $1.25/g higher than a year ago.

Statistics

Vermont USA The trend
Today 4,414 4.011
Prices Falling
Yesterday 4,424 4,019
One Week Ago 4,478 4,172
One Month Ago 4,779 4,706
One Year Ago 3,075 3,183
* Average Regular Gas Prices – Updated: 8/8/2022. 9:15 AM

According to GasBuddy price reports, the cheapest station in Burlington was priced at $4.29/g yesterday while the most expensive was $4.49/g, a difference of 20.0 cents per gallon. The lowest price in the state yesterday was $4.13/g while the highest was $4.74/g, a difference of 61.0 cents per gallon.

Historical gasoline prices in Burlington and the national average going back ten years:
August 8, 2021: $3.14/y (US Average: $3.18/y)
August 8, 2020: $2.17/y (US Average: $2.17/y)
August 8, 2019: $2.78/y (US Average: $2.66/y)
August 8, 2018: $2.97/g (US Average: $2.87/g)
August 8, 2017: $2.45/y (US Average: $2.36/y)
August 8, 2016: $2.25/y (US Average: $2.12/y)
August 8, 2015: $2.57/y (US Average: $2.60/y)
August 8, 2014: $3.67/y (US Average: $3.47/y)
August 8, 2013: $3.76/y (US Average: $3.58/y)
August 8, 2012: $3.66/y (US Average: $3.65/y)

Neighboring areas and their current gas prices:
Albany- $4.39/g, down 7.2 cents per gallon from last week’s $4.46/g.
New Hampshire- $4.22/g, down 9.1 cents per gallon from last week’s $4.31/g.

“The national average is poised to fall back under $4 per gallon as early as today as we see the decline in gas prices enter its eighth straight week. By the end of the week, one hundred thousand stations will be at $3.99 or less,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Diesel continues to decline as well, and will likely soon fall under $5 per gallon. We’ve even seen nearly a dozen stations in low-priced states fall under $2.99, a welcome return to some lucky motorists in areas of Texas, Oklahoma, Kansas and Iowa. The groundwork is laid for a ninth week of decline, with areas of the West Coast soon ditching the $5 per gallon average. While I’m upbeat the drop can continue for another couple weeks, we’re starting to see some activity in the tropics, which may increase the risk of potential disruption.”

GasBuddy is the authoritative voice for gas prices and the only source for station-level data. GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.

SOURCE: GasBuddy Boston. 8/8/2022

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