By Salma El-Sakka
The national average price of a gallon of gas stands at $4.14, marking a 38% increase since the outbreak of the Iran war in February, according to AAA data. Drivers continue to face high fuel costs as affordability remains a top concern for voters ahead of the midterm elections.
State-by-State Variation in Competitive Races
Among the 16 states with competitive Senate races, 11 have gas prices below the national average. Alaska has the highest average at $4.75 per gallon, while North Carolina has the lowest at $3.38. Every state in the group has seen a notable increase over the past year, largely due to an oil supply shortage triggered by the Iran war. Michigan recorded the largest jump at over 50%, while North Carolina saw the smallest at 23%. Ten of the 16 states experienced price rises of at least 40%.
Recent Price Relief from Falling Oil Prices
A decline in oil prices over the past week has helped ease costs at the pump, said Patrick De Haan, petroleum analyst at GasBuddy. West Texas Intermediate futures fell nearly 8% to about $96.30 a barrel. The national average price has dropped 12 cents over the past week, with declines of at least 10 cents in six of the 16 competitive states. Michigan saw a 30-cent drop, Ohio 29 cents, and Iowa 18 cents. Seasonal reductions in travel demand have also contributed to the decline.
Prices Remain Elevated Year-Over-Year
Despite the recent relief, gas prices remain well above their levels a year ago. De Haan emphasized that gasoline and diesel prices are still very elevated.
