Gas yo-yos back down, but likely a temporary drop

Published 9:30 am Monday, March 20, 2023

A national drop in gasoline prices may be temporary rather than a long-lasting trend, according to GasBuddy head of petroleum analysis Patrick De Haan. But the drop, even if temporary, could ease the burden for consumers at the pump.

After several weeks of dropping prices, gasoline in Mississippi jumped 8.5 cents one week ago. Now they have fallen once again by nearly half that — 3.4 cents down, to average $2.96 per gallon Monday. According to, Mississippi’s average price is the second lowest in the nation. Texas has the lowest average at $2.91.

The highest average prices are in Hawaii, $4.88; California, $4.79; and Nevada, $4.27.

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Lincoln County’s average price is even lower than the state’s average — $2.87.

Prices in the state are now 1 cent per gallon lower than one month ago, and 96.1 cents lower than March 2022. Data comes from GasBuddy’s survey of 2,014 stations across Mississippi.

The cheapest station statewide Sunday was $2.64 per gallon, and the most expensive was $3.39 — a difference of 75 cents.

The national average has fallen 4.2 cents per gallon over the past week to average $3.40 Monday. While up 4.3 cents per gallon from one month ago, it remains 82.9 cents per gallon lower than March 2022.

Data comes from GasBuddy reports covering 150,000 stations nationwide.

Historical gasoline prices in Mississippi and the national average going back 10 years:
2022: $3.92 (U.S.: $4.23)
2021: $2.59 (U.S.: $2.88)
2020: $1.84 (U.S.: $2.11)
2019: $2.32 (U.S.: $2.60)
2018: $2.29 (U.S.: $2.56)
2017: $2.04 (U.S.: $2.29)
2016: $1.78 (U.S.: $1.98)
2015: $2.18 (U.S.: $2.43)
2014: $3.26 (U.S.: $3.53)
2013: $3.52 (U.S.: $3.70)

“The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend,” said De Haan. “While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities.”