Where Gas Prices Declined Most – 2023 Study

Gas prices have been on the decline since their all-time high in summer 2022. While the average last summer across the U.S. hit a record $5.00 per gallon, the current average has come down to $3.27 per gallon. But in some states, high prices have been more stubborn than in others. Demand, state legislation, transport and other factors drive gas prices up and down nationwide.

To find where gas prices have gone down the most – and where they have remained highest – SmartAsset ranked the 50 states by the biggest declines in average gas prices over the last year.

Key Findings

Utah sees an 18.6% drop in gas prices over the last year. The Beehive State saw the biggest reprieve, with prices down 72 cents over the last year for a current average of $3.19 per gallon. Indiana (-15.4%) and Arizona (-14.1%) placed second and third.
Gas prices in Washington prove most resistant. Washington state only saw a 3.1% decrease in gas prices over the last 12 months, resulting in a $4.38 per gallon average in late November. One year ago, that price was $4.52. The record average gas price in Washington hit $5.55 last summer.
Texas has the cheapest gas at $2.71 per gallon. Prices across Texas have come down 6.0% in the last year. While prices stayed under $3 on average over that time, Texas saw an all-time high of $4.70 per gallon in June 2022.
California has the most expensive gas at $4.88 per gallon. California has maintained the highest gas prices in the country, with prices only down 3.2% from a year ago when it averaged $5.04 per gallon. The state also has the highest average gas price on record at $6.44 per gallon in June 2022.

Top 10 Cities Where Gas Prices Declined Most

Utah
Utah had the most significant drop in gas prices over the past year at 18.6%, bringing the price down from $3.91 to $3.19 per gallon. The record high was $5.26 on July 1, 2022.

Indiana
Indiana experienced a 15.4% reduction in gas prices from a year ago, moving from $3.65 to $3.09 per gallon, marking the second-largest decrease among states. Prices topped off at $5.24 in June 2022.

Arizona
Arizona's gas prices fell by 14.1% over the last year, with the cost per gallon going from $4.08 to $3.51. The state saw gas at its priciest on June 17, 2022 – an average of $5.39 per gallon.

Michigan
Michigan saw a 13.3% decline in gas prices, from $3.63 to $3.14 per gallon on average, substantially lower than its peak of $5.22 in June 2022.

Ohio
Ohioans saw a 13.1% drop in gas prices, with rates going down from $3.43 to $2.98 per gallon over the previous year. Prices reached an all-time high of $5.07 on June 9, 2022.

New Jersey
New Jersey's gas prices decreased by 11.9% since last year, with the price per gallon reducing from $3.73 to $3.28. This comes after prices peaked at $5.06 per gallon in summer of 2022.

Idaho
Idaho reported an 11.7% fall in gas prices, with the cost per gallon going from $4.11 to $3.63 within a year's span. On July 1, 2022, gas prices here reached a high of $5.25.

Maine
Maine's gas prices saw an 11.6% reduction, declining from $3.82 to $3.38 per gallon over the past year. Prices reached their max of $5.09 on June 16, 2022.

Delaware
Delaware's gas prices went down by 11.50%, with the price per gallon decreasing from $3.56 to $3.15 since last year. The average price per gallon topped out at $4.99 in June 2022.

Montana
Montana recorded an 11.48% decrease in gas prices, with the amount per gallon dropping from $3.63 to $3.21 over the previous year. This is after reaching a peak of $4.98 on June 19, 2022.

Data and Methodology

Data comes from AAA. Current gas prices are as of November 28, 2023. Prices reflect the average across each state for regular gasoline per gallon. States were ranked by the percent decline in price between November 28, 2023 and November 28, 2022.

Financial Tips for Commuters

Consider all of your options. If your city has public transportation, it may be a cheaper and easier way to get around in some cases. Weigh the pros and cons of leasing vs. owning a car. SmartAsset’s budget calculator can help you get a clear picture of your current spending and how your commute fits in.
Need help putting together a budget? If you want to work toward financial freedom, it may be worthwhile to speak with a financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Gas Prices Decline Nearly 20% in Some States, Stay High in Others – 2023 Study