Fed Up Americans Drive Gas Price Below $4, but It’s Still Above $5 in CA
Americans are fed up with high gas prices and it’s showing at the pump.
According to AAA, the average price nationally for a gallon of regular dropped to $3.96 on Monday.
That’s 62 cents a gallon lower than a month ago, but still 78 cents higher than on Aug. 15 last year.
“Falling pump prices may eventually lead to more drivers hitting the road again,” said AAA spokesperson Andrew Gross in a news release. “But that hasn’t happened yet. Instead, many drivers are waiting for prices to fall further before reverting to their typical driving habits.”
A July AAA survey found that drivers are making significant changes to cope with high pump prices. The top two tactics are driving less and combining errands.
California Average More Than $5
California motorists, who have some of the highest gas prices in the nation, are also getting a bit of relief.
The average price for regular on Monday was $5.37, AAA said. That’s down from $5.95 a month ago, but still nearly a dollar higher than last year.
Fresno’s average price today is $5.36. However, there are many local stations selling regular for much less than $5. Click on GasBuddy for a location near you.
Diesel Prices Dropping but Still High
According to the Lundberg Survey, the price of diesel nationally has dropped 37 cents over the past three weeks to $5.17 a gallon.
However, diesel remains historically expensive in California. At least one station in Morro Bay was selling diesel for more than $7 a gallon on Sunday.
War in Ukraine Causes Prices, Profits to Soar
The price of oil rose sharply after Russia invaded Ukraine in February. But prices recently have dipped below the $100 mark as the economies of China and the U.S. produce slower growth.
Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter, helping its half-year earnings reach nearly $88 billion.
That announcement followed huge earnings increases revealed by the other oil giants.
Exxon Mobil booked an unprecedented $17.85 billion profit in the second quarter while Chevron made a record $11.62 billion. And Shell said that it shattered its own profit record.
(Associated Press contributed to this story.)