After the ceasefire, oil prices fell and gas prices stabilized.
Oil prices have fallen following the ceasefire between the US, Israel and Iran, impacting global market share. Gasoline prices are stable in the news.
- Gasoline prices are starting to fall after a month of increases following the start of the war between the US and Iran.
- On April 15, the national average gasoline price fell to $4.11 per gallon, down from $4.16 the previous week.
- Indiana, Michigan and Ohio have seen the biggest drops in gas prices over the past week.
Gasoline prices have started to fall after a month of soaring since the start of the US-Israel war against Iran.
The national average gasoline price rose to $4.11 per gallon on April 15, according to the AAA Auto Club. This figure is down from the national average of $4.16 a week earlier, on April 8th.
“Gasoline prices are falling slowly in many states, but the increases shouldn’t be that large. The national average is $4.09 per gallon, while diesel is down slightly to $5.60 per gallon,” Patrick de Haan, GasBuddy’s head of petroleum analysis, said in an April 15 X post. “With oil prices hovering in the low $90s, I think most cyclical states will see some declines.”
De Haan said some markets could see further declines this week as more states begin to switch to summer blend gasoline, which is generally a bit cheaper due to lower production costs.
According to the AAA Auto Club, the USA TODAY Cars team looked at what’s causing gas price fluctuations in states and which states have seen the biggest declines in pump prices over the past seven days.
What causes the variation in gas prices across states?
According to the U.S. Energy Information Administration, regional differences in gas prices can be explained by several factors.
- Differences between state and local gas taxes
- Distance from source
- interruption of supply
- Retail competition and operating costs
- environmental program
“The more gasoline has to be transported to the point of sale, the higher the transportation costs, so the retail price of gasoline tends to be higher,” the agency said.
“Slowing or halting gasoline production could result in increased bidding for available gasoline supplies,” the agency added. “Gas station prices are often highest in locations with the fewest gas stations.”
Which states are seeing the biggest drop in gas prices?
1. Indiana
- Average gas price on April 15: $3.88
- Average gas price on April 8: $4.13
- Price difference: 25 cents
2.Michigan
- Average gas price on April 15: $3.92
- Average gas price on April 8: $4.08
- Price difference: 16 cents
3. Ohio
- Average gas price on April 15: $3.80
- Average gas price on April 8: $3.93
- Price difference: 13 cents
4. Virginia
- Average gas price on April 15: $3.97
- Average gas price on April 8: $4.07
- Price difference: 10 cents
5. Texas
- Average gas price on April 15: $3.76
- Average gas price on April 8: $3.86
- Price difference: 10 cents
