Gas Prices in the Midwest Decline from Last Week Motorists in the Midwest region are experiencing relief at the gas pump as prices have decreased from last week. According to the latest data from GasBuddy, the average price for a gallon of regular gasoline in the Midwest is now $3.45, down 4 cents from $3.49 a week ago. This decline is a welcome change for drivers who have been grappling with high gas prices for months. Last May, the average gas price in the Midwest was $2.90. However, prices surged earlier this year due to a combination of factors, including the Russian invasion of Ukraine and global supply issues. The recent decrease in gas prices is attributed to several factors. One is the decline in crude oil prices. The price of crude oil, which is the main ingredient in gasoline, has fallen in recent weeks due to concerns about a global economic slowdown. Additionally, some refineries in the Midwest have increased their production, which has helped to boost supply and lower prices. The drop in gas prices is providing a much-needed break for consumers. Transportation costs account for a significant portion of household budgets, and lower gas prices can free up more money for other expenses. However, it’s important to note that gas prices remain higher than they were a year ago. Motorists should continue to budget carefully and consider ways to save on fuel expenses, such as carpooling, using public transportation, or driving less.Regional Gas Prices Drop for Second Consecutive Week
Regional Gas Prices Drop for Second Consecutive Week According to the U.S. Energy Information Administration, regional gas prices have declined for the second week in a row, with the average cost of regular fuel reaching $3.26 per gallon on Monday. This marks a decrease from the previous week’s price of $3.35 per gallon. Midwest Gas Prices Decrease Significantly The Midwest has witnessed a notable drop in gas prices over the past month, with the average cost falling by approximately 17 cents. In comparison to last year, Midwest gas prices have fluctuated between $2.77 (January 8, 2024) and $3.77 (August 14, 2023), as per the Energy Information Administration (EIA). Comparison to Previous Year The average gas price in the Midwest is currently 7% lower than it was a year ago, when it stood at $3.51 per gallon. Interactive Map Data from data.monroenews.com allows users to explore an interactive map that showcases how gas prices have changed over the years in their specific region. National Gas Prices The average gas price in the United States last week was $3.43, making prices in the Midwest approximately 4.9% lower than the national average. The national average has also declined, from $3.52 per gallon the previous week. Midwestern States The EIA’s list of Midwestern states for gas price reporting includes Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, and Wisconsin.
Gas Prices in Midwest Region Decline Gas prices in the Midwest region have decreased from last week, providing some relief to drivers. According to AAA, the average price for a gallon of regular unleaded gasoline in the region is now $4.56, down from $4.62 last week. The decline in gas prices is attributed to several factors, including a decrease in global demand for oil and increased domestic production. The Biden administration has also released oil from the Strategic Petroleum Reserve, which has helped to lower prices. Despite the recent decline, gas prices are still significantly higher than they were a year ago. In August 2022, the average price for a gallon of regular unleaded gasoline in the Midwest was $3.37. The decrease in gas prices is welcome news for consumers, as it will help to reduce their transportation costs. However, it is important to note that gas prices are still fluid and could rise again in the future.
