Alabama gas prices down 45 cents in past month

·2 min read

Jul. 15—The average price for a gallon of gas in Alabama has fallen nearly 50 cents to $4.18 since reaching a record high of $4.63 one month ago.

The state's current average price is lower than the current national average of $4.60, which is near to the state's record-setting rate in June of $4.63.

AAA ranked Alabama as one of the top ten states to show weekly decreases in average prices, which have fallen 16 cents statewide over the past seven days.

According to AAA, the price in Calhoun County now registers lower than the state average at $4.13 as of noon Thursday.

St. Clair County is posting the cheapest area rate at $4.06. Cherokee County is recording $4.08. Etowah County marks $4.15. Cleburne County is at $4.16 and Talladega County is at $4.16.

The significant drop in prices comes after what AAA says was a record-setting 42 million who hit the highways for the July 4th weekend.

The Energy Information Administration (EIA) reported the demand for gas increased from 8.9 billion barrels per day to 9.4 billion barrels per day ahead of the Independence Day holiday.

Some experts had been concerned the higher demand would cause prices to climb higher or, conversely, the prices would hinder road travel during the holidays.

As the numbers show, the concerns were unwarranted on both fronts.

"Usually, more people buying gas would lead to higher pump prices," said Andrew Gross, AAA spokesperson. "But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas."

EIA reported on Thursday the national gas demand has dropped since the holidays from 9.41 million barrels per day to 8.06 million last week.

Wednesday's national average of $4.60 is seven cents less than one week ago and $1.46 more than a year ago.

Walmart in Alabaster, 16 miles south of Hoover, currently boasts the cheapest rate in the state at $3.65, according to the Gas Buddy app.