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Sunday, October 2, 2022

Consumers Observe Gas Prices Fall Weekly

Gas prices are continuing to fall across Seattle. The prices are also falling all over the state and the nation. Gasoline prices have dropped for 91 straight days, and the national average stood at just over $3.70 a gallon on Tuesday. The cheapest gas in Seattle on Sunday was $3.99 a gallon and the most expensive was $5.59, according to GasBuddy.

Many are becoming more interested as winter nears. The cost of heating a home with natural gas, the most common source of home-heating fuel in the United States, is expected to jump more than 25 percent from last year, to $952 for the six months from October through March, according to the National Energy Assistance Directors Association.

The gas price most relevant now to consumers is at the pump. According to GasBuddy’s latest survey of 775 stations in Seattle, the average price of gas dropped 5.6 cents a gallon to $4.79 since last week in the Emerald City. That average is 19.5 cents lower than a month ago and 80.1 cents higher than a year ago.

In Washington state, the average price of gas dropped 4.3 cents a gallon to a $4.58 average. Tacoma’s average cost sits at $4.47 a gallon after dipping 4.7 cents from a week ago, and Yakima boasts an average price of $4.36 per gallon after seeing a drop of less than a dollar over the past week.

Gasoline prices are still higher than they were a year ago, but falling fuel costs were a big reason July’s inflation reading showed that month-to-month gains in consumer prices had stalled — a welcome development for policymakers trying to cool off the economy. Nationally, the average cost of gas is $3.67 a gallon, a decline of 7.6 cents since last week.

The national average price of diesel declined 5.5 cents in the last week and stands at $5.01 per gallon, according to GasBuddy. Regular unleaded gasoline in the United States averaged $3.97 a gallon in August, down nearly 13 percent from $4.54 in July, data from AAA show. The price in August was more than 20 percent below a June 14 peak of $5.02.

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