Thanks to electric vehicles and teleworking, gasoline prices are low

Gas prices have fallen across the country and that is good to see. These prices could even fall further and reach levels not seen in over three years.

Accordingly Data from AAAthe national average is only $3.37. That is 47 cents less than a year ago and 13 cents less than a month ago. There are still Outliers In California, for example, the average price is $1.22 ($4.59) above the national average. Or in Oklahoma and Tennessee, the average prices are just under $3 per gallon.

So what exactly is helping to keep gas prices low at a time when they are usually higher due to summer travel? You can thank factors like electric cars, remote work and the elderly for keeping prices in check, as NPR Reports:

Kloza cites several factors that explain the shift: Remote work means fewer commuters. There are an estimated 3.3 million electric vehicles on U.S. roads, more than double the number in 2021. More electric vehicles have helped keep gasoline demand in check, though Kloza notes the effect is relatively small, with every million electric vehicles sold reducing demand by about 22,000 barrels per day. And Kloza also points to the gradually aging U.S. population—older Americans, he says, “tend to drive a lot less.”

According to NPR, gas prices are expected to average just $3.00 during the holiday season and remain low through early 2025. However, there is one wildcard that could cause a price increase: a Hurricane season It seems to start earlier and earlier every year.

Meteorologists are warning of a particularly severe hurricane season this year, but so far everything has been calmer than expected. Hurricane Beryl caused significant damage in parts of the Caribbean and led to some disruptions in US refinery operations, but the situation returned to normal fairly quickly.

We may already be in the middle of it, as experts told NPR that the season usually peaks around this time of year. Gas prices began falling just over a year ago. In August 2023 we noticed that gasoline prices had remained flat and unchanged. And that was despite increased demand. Hopefully gasoline prices will continue to fall. One more reason to support both electric vehicles and telecommuting.