Gas prices take short-term drop but prices remain historically high

The average price for a gallon of regular gas in the United States was down Thursday by about five cents compared to last week, according to AAA.

The average price was $3.63 a gallon at the close of the work week.

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AAA attribute to drop to lower oil prices.

“As long as the oil cost keeps wobbling around the low to mid $70s per barrel, drivers will benefit when they fuel up,” said American Automobile Association spokesperson Andrew Gross.

Despite the recent price drop, the cost of gas at the pump, is still 19 cents a gallon higher than last month and remains 34% higher than the $2.38 a gal average when President Donald Trump left office.

The states with the highest price per gallon right now are California, Hawaii and Arizona – at $4.88, $4.78 and $4.70, respectively. 

Citing data from the Energy Information Administration (EIA), AAA reported that gas has seen a sharp uptick from last week in demand, to 9.51 million barrels a day, up nearly a million daily barrels.

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