The average regular gas price in the U.S. as of Nov. 14 is $3.773 per gallon, according to AAA, which tracks gas prices.

So are gas prices going down? Well, it depends on what you’re comparing with the current prices.

It’s much cheaper than some of the prices we saw this year. The average price for regular gas on Nov. 14 is about 3 cents lower than the previous week’s average but about 13 cents cheaper than the average one month ago, according to AAA data.

The price drop is starkest when you look at the current average compared with peak prices — a nearly 25% decline since June 2022 when the average was $5.006 per gallon, according to data from the U.S. Energy Information Administration, or EIA.

Then again, when you look further back and compare current costs with prices at the same time last year — early November 2021 — the cost is still about 32 cents more expensive, AAA data shows. That’s a year-over-year cost increase of nearly 11%.

Where is the highest gas price in the U.S.?

Drivers in the states below are seeing the highest average gas prices per gallon, according to AAA data on Nov. 14:

Where are gas prices the lowest?

Drivers in the following states are seeing the lowest average gas prices per gallon as of Nov. 14, according to AAA data:

How do gas prices work?

The price of gas is determined by a complex set of factors that are at work long before the gas gets to your local station.

Gas prices tend to correlate with consumer sentiment about the overall economy — as gas prices go up, confidence levels with the economic conditions of the country go down, according to research by the Mercatus Center at George Mason University in Virginia.

Here’s what you need to know about how gas prices work:

There are four types of fuel available at the pump that will differ in price. The three non-diesel types of gasoline — regular, midgrade and premium — are categorized by octane rating, a measure of fuel stability (the pressure at which a fuel will combust in an engine).

  • Regular: The least expensive.

  • Midgrade or super: More expensive than regular but cheaper than premium and diesel.

  • Premium or super premium: Most expensive non-diesel gasoline.

  • Diesel, also known as distillate fuel oil, is used in vehicles that have diesel engines, such as freight trucks and buses. It’s the most expensive type of fuel on the retail market.

The cost of gasoline at your local station depends on multiple costs and profits including:

Does the president control gas prices?

The president doesn’t set the gas prices you pay at the pump. When prices go up, don’t blame the president. Conversely, when prices go down, don’t thank the president.

The White House is often held responsible for gasoline prices, but the administration rarely has effective tools to move the needle one way or the other. Supply and demand for oil is the culprit.

Anna Helhoski

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