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Gas prices are steadily decreasing across the Capital Region, offering relief to drivers. According to AAA, the average cost for a gallon of regular fuel is now $3.12, which is a decrease of two cents from last week and three cents from a month ago. The state average currently stands at $3.17, while the national average is slightly lower at $3.14.
The decline in gas prices is not limited to the Capital Region. Nationwide, prices have been dropping, with the national average dipping from $3.16 to $3.14 over the past week, according to AAA. This trend is a continuation of the decrease seen since the peak in June 2022, when prices were significantly higher.
In a LendingTree analysis, it was noted that average daily gas prices have fallen by 10.1% year over year as of July 16. The analysis also highlighted that prices either fell or remained unchanged in every state except Washington, which experienced a 2.8% increase.
As summer road trips continue, drivers are benefitting from these lower gas prices, which have returned to levels similar to those seen in July 2021.