Morning, folks — and happy Monday! Did you guys watch the Grammys last night? Me neither. We’ve got some big news: the average price of a gallon of regular gas is back under $4.20 ($4.19, to be exact) for the first time in God knows how long. Is it the biggest difference in the world? No. But hey, we will certainly take it.
The reason for this tick down in prices is President Biden’s decision to tap into the country’s Strategic Petroleum Reserve. Another factor is a truce in a seven-year-long Middle Eastern conflict, according to Reuters.
Oil prices fell at the start of Asian trade on Sunday, after the United Arab Emirates and the Iran-aligned Houthi group welcomed a truce that would halt military operations on the Saudi-Yemeni border, alleviating some concerns about potential supply issues.
The early losses this week come after oil prices settled down around 13% last week – their biggest weekly falls in two years – when U.S. President Joe Biden announced the largest-ever U.S. oil reserves release.
The United Arab Emirates (UAE) has welcomed the announcement of a U.N.-brokered truce in Yemen, the UAE’s state news agency WAM reported on Saturday. The Iran-aligned Houthi group, which has been fighting a coalition including the UAE in Yemen, also welcomed the truce.
On Friday, member countries of the International Energy Agency committed to another coordinated oil release in an extraordinary meeting, according to Japan’s industry ministry.
Let’s take a look at today’s gas price winners and losers… though it’s primarily the same players as always.
Here is where you can find the highest average gas prices in the country in order of highest price for a gallon regular:
- California – $5.85 Regular | $6.07 Mid | $6.20 Premium | $6.38 Diesel
- Hawaii – $5.22 Regular | $5.42 Mid | $5.66 Premium | $5.59 Diesel
- Nevada – $5.19 Regular | $5.42 Mid | $5.62 Premium | $5.32 Diesel
- Alaska – $4.72 Regular | $4.91 Mid | $5.10 Premium | $5.19 Diesel
- Washington – $4.71 Regular | $4.93 Mid | $5.12 Premium | $5.55 Diesel
Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:
- Missouri – $3.74 Regular | $4.01 Mid | $4.30 Premium | $4.72 Diesel
- Oklahoma – $3.75 Regular | $4.06 Mid | $4.28 Premium | $4.74 Diesel
- Kansas – $3.76 Regular | $4.02 Mid | $4.29 Premium | $4.76 Diesel
- Arkansas – $3.77 Regular | $4.10 Mid | $4.40 Premium | $4.80 Diesel
- Maryland – $3.79 Regular | $4.27 Mid | $4.54 Premium | $4.69 (nice) Diesel
See y’all back here tomorrow, and fingers crossed this downward trend continues.