National Gasoline Average Drops a Penny from Last Week's $3.14/gallon mark

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The nation’s average price of gasoline has risen, then fallen, and remains just below its week-ago level at $3.13 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is up 3.1 cents from a month ago and is 43.0 cents per gallon lower than a year ago. The national average price of diesel has decreased 3.2 cents in the last week and stands at $3.476 per gallon.

“While the national average didn’t fall quite as far as anticipated for Memorial Day, it was still one of the most affordable since 2021 — and, when adjusted for inflation, among the cheapest in nearly a decade,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As we move into the heart of summer, I believe we’re likely to see a relatively stable stretch for gas prices as refinery maintenance wraps up. Don’t expect the national average to rise above $3.30 per gallon, nor drop much below $3 for now. While refining issues on the West Coast are beginning to ease, several factors could still influence prices in the weeks ahead — including growing uncertainty around the upcoming hurricane season. We’ll also be watching OPEC+’s meeting this week to see if they boost oil production again for July as well.”

Ahead of a key OPEC+ meeting where the organization will be weighing another potential production increase, oil prices remained in the low $60 per barrel range as of Tuesday morning. WTI crude was off 62 cents to $60.95 per barrel, down from $62.08 last week, while Brent crude oil was down 54 cents to $64.20 per barrel, down slightly from last Monday’s $64.91 per barrel fetch. While OPEC+ may resort to raising production again, oil markets were also digesting the possibility of President Trump sanctioning Russia for escalating its attacks on Ukraine in recent days, which could impact oil markets, depending on the degree of any potential move. However, with OPEC+ potentially raising oil production, oil markets may see little overall impact.

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U.S. oil inventories rose by 1.3 million barrels, about 6% below the seasonal average for this time of year, while the SPR rose 800,000 barrels to 400.5 million.

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The states with the lowest average prices: Mississippi ($2.62), Louisiana ($2.67), and Alabama ($2.71).

The states with the highest average prices: California ($4.77), Hawaii ($4.46), and Washington ($4.35).

Biggest weekly changes: New Mexico (-11.6¢), Nevada (-9.8¢), California (-8.5¢), Texas (-8.1¢), Utah (-7.8¢)

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The states with the lowest average diesel prices: Texas ($3.01), Louisiana ($3.07), and Oklahoma ($3.08).

The states with the highest average diesel prices: Hawaii ($5.27), California ($5.04), and Washington ($4.60).

Biggest weekly changes: Florida (+9.7¢), Oregon (+8.9¢), Washington (+7.5¢), Texas (-7.4¢), New Mexico (-7.2¢)

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