Gas Price Update: National Average Drops Below $4 Per Gallon

Since Monday, the national average for a gallon of regular gasoline dropped six cents to $3.99. The national average has not been below $4 per gallon since March 5. In the spring, oil prices spiked in reaction to Russia’s invasion of Ukraine, leading the national average to a new all-time high.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.54 million b/d to 9.12 million b/d last week. However, the rate is 307,000 b/d lower than last year. Moreover, according to EIA, total domestic gasoline stocks decreased by 5 million bbl to 220.3 million bbl. Although gasoline demand has increased and supply has tightened, lower oil prices have helped lower pump prices. If oil prices continue to decline, drivers will likely continue to see pump prices decrease.

At the close of Wednesday’s formal trading session, WTI increased by $1.43 to settle at $91.93. Crude prices rose yesterday after the U.S. Bureau of Labor Statistics reported a smaller than expected increase in inflation last month at 8.5 percent. The rise in market optimism helped to boost prices despite EIA reporting that total domestic crude supply increased by 5.4 million bbl last week.

Fuel for Thought

Washington by the numbers

Puget Sound by the numbers
– Seattle current average price: $5.01
-Tacoma current average price: $4.74
— Washington average: $4.81
— Washington gas tax: $0.52 per gallon (#3 highest among all states)
– Week change: -$0.11
– Year change: +$1.07
– Historical expensive gas price: $5.69 (6/17/22)

– Diesel current price: $5.67
– Week change: -$.26
– Year change: +$1.94
– Historical expensive diesel price: $6.58 (6/30/22)

Cheapest gas stations
#1. Astro: $4.44 (15218 Smokey Point Blvd, Marysville)
#2. 76: $4.48 (2802 Portland Ave, Tacoma)
#3. River Rock Tobacco: $4.69 (23704 13th Ave NE, Arlington)

Gas Prices in Auburn, WA
As of 08/12/2022 at 12:00 p.m. from GasBuddy – in no order

ARCO & ampm 3910 S 320th St	$ 4.31 cash
Walmart 762 Outlet Collection Dr	no new data
Shell 1204 E Main St.	$4.65 cash
ARCO & ampm 3648 Auburn Wy N	$ 4.63 cash
Marathon 520 E Main St	$ 4.49 cash
ARCO 305 S At SE	$4.49 cash
Fred Meyer 801 Auburn Wy N	$4.33
Safeway 101 Auburn Way S	$4.33
76 & 7-Eleven 1602 A St SE	No New Data
7-Eleven 1539 21st St SE	No New Data
7-Eleven 4026 A St SE	No New Data
7-Eleven 2202 Auburn Way N	$4.62
76 1725 Auburn Way N	$4.69
76 1111 17th St SE	No New Data
76 5011 S 288th St	no new data
Shell 201 Auburn Way S	no new data
Big Nation Station 2802 Auburn Way S	$4.59
Chevron 1692 Lake Tapps Pkwy E	No New Data
Shell 1439 Auburn Way N	no new data
Chevron & 7-Eleven 31980 Military Rd S	no new data

Gas Prices in Pacific, WA

As of 08/12/2022 at 12:00 p.m. from GasBuddy – in no order

ARCO & ampm 401 Ellingson Rd	$4.25 cash
Chevron 174 Stewart Rd SW	no new data
7-Eleven 415 Milwaukee Blvd N	$4.69
Shell 1151 Valentine Ave SE	$4.89 cash
76 406 Ellingson Rd	No New Data