Energy

Mapped: Gas Prices in Every U.S. State

Published

6 months ago

October 25, 2023

Niccolo Conte

Article/Editing:

Bruno Venditti

Mapped: Gas Prices in Every U.S. State

Gas prices fluctuate from state to state due to factors such as local taxes, environmental regulations, reliance on local production or imports, and the proximity of refineries.

In this infographic, we use data from the American Automobile Association (AAA) to illustrate the cost of fueling a vehicle in each U.S. state.

Tax Breaks and Environmental Regulation

According to the AAA, the national average price of regular unleaded gas was $3.54 per gallon as of October 25, 2023.

There are 29 states where gas prices are below the national average. Georgia, where the government has suspended the gas tax to help the population deal with inflation, has the cheapest fuel right now.

Rank	State	Cost per Gallon (as of 10/25/2023)
1	Georgia	$3.01
2	Mississippi	$3.02
3	Texas	$3.03
4	Louisiana	$3.08
5	Alabama	$3.09
6	South Carolina	$3.11
7	Arkansas	$3.13
8	Tennessee	$3.14
9	Kentucky	$3.19
10	Delaware	$3.20
11	Missouri	$3.22
12	Ohio	$3.22
13	Oklahoma	$3.23
14	North Carolina	$3.24
15	Wisconsin	$3.26
16	Iowa	$3.30
17	Florida	$3.32
18	Virginia	$3.33
19	Indiana	$3.36
20	Kansas	$3.37
21	Maryland	$3.37
22	Michigan	$3.37
23	West Virginia	$3.38
24	New Jersey	$3.43
25	Minnesota	$3.43
26	Nebraska	$3.45
27	New Mexico	$3.48
28	New Hampshire	$3.50
29	Rhode Island	$3,54

Proximity to refineries is a major contributing factor to prices. States like Texas, Louisiana, Mississippi, and Alabama often have lower prices than other regions.

Meanwhile, West Coast states dominate the list of jurisdictions with more expensive gas. With high local taxes and a unique gasoline blend designed to reduce emissions but which increases prices, California tops the list.

Rank	State	Cost per Gallon (as of 10/25/2023)
1	California	$5.39
2	Hawaii	$4.77
3	Washington	$4.76
4	Nevada	$4.67
5	Oregon	$4.42
6	Alaska	$4.32
7	Arizona	$4.13
8	Idaho	$3.93
9	Montana	$3.88
10	Utah	$3.81
11	New York	$3.77
12	Pennsylvania	$3.72
13	District of Columbia	$3.69
14	Colorado	$3.66
15	Wyoming	$3.66
16	North Dakota	$3.65
17	Vermont	$3.65
18	Connecticut	$3.62
19	Illinois	$3.62
20	Maine	$3.60
21	Massachusetts	$3.60
22	South Dakota	$3.54

When it comes to fuel taxes, California leads with 77.90¢ per gallon.

Alaska has the cheapest gas tax rates, at 8.95 cents per gallon.

When Will Gas Prices Go Down?

Despite global tensions and concerns that conflict in the Middle East could escalate, gas prices typically decline in the autumn months.

For example, U.S. crude oil futures have risen about 5% since the Israel-Hamas war started earlier this month, while the national average retail gasoline cost is actually $0.34 lower than September’s $3.88.

This is because gasoline prices often rise during peak driving seasons, such as summer, when more people embark on road trips and travel. In addition, gas stations switch to a less expensive winter blend of gasoline after September.

According to AAA, gas prices will likely continue to drop until the end of the year.

Related Topics:Fuel california gasoline gallon gas taxes gas price American Automobile Association cost of fueling

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Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.

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4 Reasons Why You Should Invest in Lithium

Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.

In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.

1. Lithium Prices Have Dropped

One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:

Date	LiOH·H₂O*	Li₂CO₃**
Feb 2023	$76	$71
March 2023	$71	$61
Apr 2023	$43	$33
May 2023	$43	$33
June 2023	$47	$45
July 2023	$44	$40
Aug 2023	$35	$35
Sept 2023	$28	$27
Oct 2023	$24	$23
Nov 2023	$21	$21
Dec 2023	$17	$16
Jan 2024	$14	$15
Feb 2024	$13	$14

Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate MB-LI-0033
**Lithium carbonate MB-LI-0029

2. Lithium-Ion Battery Prices Are Also Falling

The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.

In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.

Year	Price per KWh
2023	$139
2022	$161
2021	$150
2020	$160
2019	$183
2018	$211
2017	$258
2016	$345
2015	$448
2014	$692
2013	$780

3. EV Adoption is Sustainable

One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.

According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.

Manufacturer	September 2022	September 2023
BMW	$69,000	$72,000
Ford	$54,000	$56,000
Volkswagon	$54,000	$56,000
General Motors	$52,000	$53,000
Tesla	$68,000	$51,000

4. Electricity Demand in Transport is Growing

As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:

Transport Type	2022	2025	2030
Buses 🚌	23,000 GWh	50,000 GWh	130,000 GWh
Cars 🚙	65,000 GWh	200,000 GWh	570,000 GWh
Trucks 🛻	4,000 GWh	15,000 GWh	94,000 GWh
Vans 🚐	6,000 GWh	16,000 GWh	72,000 GWh

The Lithium Investment Opportunity

Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.

With prices dropping and demand skyrocketing, now is the time to invest in lithium.

EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.

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