LOCAL NEWS

Washington gas prices fall for 40 days straight

Jul 26, 2022, 12:51 PM | Updated: 1:32 pm
(AP Photo/David Zalubowski, file)...
(AP Photo/David Zalubowski, file)
(AP Photo/David Zalubowski, file)

Some good news: Gas prices have been falling for about 40 days in a row. Overall, gas in Washington state is down 43 cents from the record high set on June 16, putting the current average for a gallon of regular unleaded gas at $5.12.

Drivers will notice disparities across gas stations depending on where you’re filling up. In Seattle, Bellevue and Everett, the average is $5.31, while it’s $5.02 in Tacoma. The lowest gas average in western Washington is in Mount Vernon-Anacortes, where the average is $4.82, down a whopping 67 cents from the high of $5.49.

During peak prices, the difference in average highs between Seattle and Mount Vernon was only 20 cents, but it’s currently a difference of 50 cents.

Experts say those bigger disparities in prices across gas stations show some retailers are reluctant to adjust prices lower.

Jeff Shulman, a professor at the University of Washington’s Foster School of Businesses, says prices are typically slow to fall.

“In general, it’s really hard to raise prices because consumers notices prices rising. Once you’ve raised prices successfully, you don’t want to drop them because you’ve maintained that same profit,” Shulman said.

In Seattle, many gas stations are still holding on to gas prices at $5.69 a gallon, which is Seattle-Bellevue-Everett’s record average high set back on June 17.

“It’s ridiculous. It’s depressing. Almost $6 for gas is crazy,” said Bishop Bear, an Auburn driver who commutes to Seattle. “Then, you’re stuck in traffic. I’m about to run out of gas a lot, you know what I mean?” he said.

“It’s hard. It’s hard for the average Joe to even get by,” said Dustin Swinehart, another driver who commutes to Seattle.

The good news: Experts expect gas prices to keep falling over the next few weeks.

“I expect the price of gas will continue to come down slowly in the short term,” Shulman said.

Shipman said the biggest reason for the price drop is sticker shock, which has caused drivers to change their behavior. In response, crude oil prices have dropped, and retailers are now following suit, albeit slowly.

“I walk more now. I’ve lost, like, 20 pounds,” Bear said.

“Do the speed limit and try to avoid extra driving,” Swinehart said.

Shulman warns that if storms disrupt refineries once hurricane season takes full force, prices could go back up again.



Local News

Federal Way gun buyback...
Deborah Horne, KIRO 7 News

Federal Way’s gun buyback runs out of gift cards early

Hundreds of unwanted firearms were turned in Saturday in Federal Way’s first ever gun buyback. Owners received a gift card in return.
17 hours ago
Frasier...
Bill Kaczaraba

Lovable radio host Frasier returns, but not to Seattle

Frasier, the lovable but loveless radio host who put Seattle on the map will not be returning to the Emerald City.
17 hours ago
Capitol Hill shooting...
KIRO 7 News Staff

Investigation underway after man shot in Seattle’s Capitol Hill neighborhood

Police are investigating after a man was shot in the hip in Seattle’s Capitol Hill neighborhood on Saturday morning.
2 days ago
(Photo from KIRO 7)...
Julia Dallas, KIRO 7 News and Bridget Chavez, KIRO 7 News

Redmond police using vehicle-mounted GPS tracking system to track down fleeing suspects

The Redmond Police Department started using StarChase Pursuit in January to safely pursue fleeing suspects.
2 days ago
...
Deedee Sun, KIRO 7 News

Murder of Kent teacher calls attention to mental health crisis in Washington

A Tacoma mom stabbed and killed on Wednesday has been identified as 66-year-old Gail Gese, a teacher at Cedar Heights Middle School in Kent.
2 days ago
In this photo provided by the U.S. Coast Guard Pacific Northwest, a Coast Guard rescue swimmer reac...
Associated Press

Man rescued by Coast Guard wanted in ‘Goonies’ fish incident

A man who was saved by a Coast Guard rescue swimmer at the mouth of the Columbia River as a massive wave rolled the yacht he was piloting Friday was wanted for a bizarre incident in which police said he left a dead fish at the Astoria, Oregon, home featured in the classic 1985 film, "The Goonies."
2 days ago

Sponsored Articles

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.
SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Washington gas prices fall for 40 days straight