December 2024 Fuel Price Update: Slight Increases Ahead of the Holiday

Although prices have risen nationally in the past two weeks, last week’s price hikes will likely be rolled back as stations resume undercutting each other, Patrick De Haan, head of petroleum analysis at GasBuddy, said.

“[The rise was] driven by price cycling that led stations in the Great Lakes region to restore their margins to normal levels ahead of millions of motorists traveling for Christmas,” De Haan added.

As families travel and fleet drivers work for the holidays, unpredictable changes at the pump between states serve as a reminder to check prices before filling up to save as much as 25 to 50 cents per gallon.

See how diesel prices are changing per region on Work Truck.

U.S. Regional Gasoline Prices as of December 23, 2024

Here’s a look at prices by region according to EIA data, as of Dec. 23:

• East Coast: $2.94
• Midwest: $2.93
• Gulf Coast: $2.64
• Rocky Mountain: $2.88
• West Coast: $3.77

Over the last week, prices declined on the East and West coasts. The East Coast region saw the most significant decrease of almost 5 cents. The Gulf Coast saw the largest increase of 8 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Dec. 23:

Since the first week of November, Oklahoma has remained the number one state with the lowest price for a gallon of gas at $2.55. Currently, 30 states have a $2.99 or lower average for a gallon of gas.

U.S. Regional Gasoline Prices as of December 16, 2024

Entering the third week of December, gas prices show slight fluctuations across the country, with the national average continuing to teeter the $3 per gallon line. The national average cost of gasoline currently stands at $3.01, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 3 cents.

The U.S. has been waiting years for the national average gas prices, among others, to return to normal. “Gasoline prices are finally there, thanks to the Federal Reserve slowing the economy down with higher interest rates, a weak economy in China, the world’s second-largest oil consumer, and the ultimate healer: time,” De Haan said.

“After waiting an exhausting two years for imbalances brought on by Covid and Russia’s war on Ukraine to settle down, we’re finally getting back to normal,” De Haan continued.

It is recommended that holiday road trippers and fleet drivers check fuel prices before filling up, especially when crossing state lines where gas taxes can cause prices to change.

See how diesel prices are changing per region on Work Truck.

Here’s a look at prices by region according to EIA data, as of Dec. 16:

• East Coast: $2.99
• Midwest: $2.88
• Gulf Coast: $2.56
• Rocky Mountain: $2.83
• West Coast: $3.78

Where some regions, like the Midwest, saw 8-cent increases, other areas, like the Gulf and West Coasts, made up for the difference with decreases of around 4 cents. The East Coast saw no significant change and remained at $2.99.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Dec. 16:

Despite the sporadic increases, Oklahoma has remained the number one state with the cheapest price for a gallon of gas at $2.53. The gap is closing, with the following state trailing 6 cents behind. Currently, 30 states have a $2.99 or lower average for a gallon of gas.

U.S. Regional Gasoline Prices as of December 9, 2024

In the second week of December, gas prices continue to decline, with the national average temporarily dipping below the $2.99 per gallon threshold. The national average cost of gasoline currently stands at $3.00, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 12 cents.

Considering the recent fluctuations, “One would need to count over 1,300 days since we’ve seen the national average this low, with the affordability of gasoline at its lowest non-COVID level since 2015,” De Haan said.

With over 100,000 stations reporting prices below $3 per gallon, according to De Haan, Americans are putting in just 5.44 minutes of work to buy a gallon, the fewest minutes of work needed (excluding the pandemic) since 2015.

“The good news is that we’ll likely continue to see additional downward pressure on gas prices, with the national average potentially falling another 10 to 15 cents by Christmas,” De Haan continued.

See how diesel prices are changing per region on Work Truck.

Here’s a look at prices by region according to EIA data, as of Dec. 9:

• East Coast: $2.99
• Midwest: $2.80
• Gulf Coast: $2.60
• Rocky Mountain: $2.78
• West Coast: $3.82

Over the last week, prices declined everywhere except the East and Gulf Coast regions. However, both regions still fall under $3 per gallon. The Midwest region saw the most significant decrease of almost 10 cents.

Here’s a list of the 10 lowest average prices per gallon, according to AAA data as of Dec. 9:

Oklahoma has remained the number one state with the cheapest price for a gallon of gas at $2.51, which is about 8 cents cheaper than the following states. Currently, 34 states have a $2.99 or lower average for a gallon of gas.

U.S. Regional Gasoline Prices as of December 2, 2024

Heading into the winter, gas prices continue their downward trend, but the national changes are minimal. The U.S. national average gas price dipped ever so slightly but stayed relatively the same at $3.03, according to U.S. Energy Information Administration (EIA) data. Prices year-over-year are down 19 cents.