National Gasoline Price Average PLUMMETS over a Nickel Week over Week

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The nation’s average price of gasoline has fallen 5.8 cents over the last week and stands at $3.09 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 down 11.1 cents from a month ago and is 9.0 cents per gallon lower than a year ago. The national average price of diesel has decreased 1.3 cents in the last week and stands at $3.652 per gallon.

“Gas prices have seen a notable weekly drop in most states as seasonal factors ramp up their impact — namely the switch to cheaper winter gasoline and falling gasoline demand,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Price cycling markets led the way with significant declines in Ohio, Florida, and Michigan, while Indiana experienced a price cycle that resulted in the largest weekly increase of any state last week."

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Oil prices saw a rebound last week, with sanctions and geopolitical tensions weighing on prices as U.S. President Trump called on NATO countries to impose additional sanctions on Russian energy, suggesting that Ukraine could take back all its land from Russia.

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In overnight trade, WTI crude oil was off 53 cents per barrel to $65.19 per barrel, up from last Monday’s $61.98 per barrel mark, while Brent crude oil was also down in overnight trade, falling 46 cents to $69.67 per barrel, up from last Monday’s $66.08 per barrel start. With OPEC expected to announce an additional production hike for November, oil markets face a heightened risk of oversupply during the North American winter, a period when demand typically weakens.

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The states with the lowest average prices: Oklahoma ($2.53), Mississippi ($2.65), and Louisiana ($2.67).

The states with the highest average prices: California ($4.64), Washington ($4.54), and Hawaii ($4.41).

Biggest weekly changes: Ohio (-17.2¢), Florida (-14.5¢), Michigan (-14.1¢), Colorado (-12.1¢), Delaware (-10.9¢)

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The states with the lowest average diesel prices: Texas ($3.14), Oklahoma ($3.23), and Mississippi ($3.25).

The states with the highest average diesel prices: Hawaii ($5.13), California ($5.13), and Washington ($5.05).

Biggest weekly changes: Indiana (+9.1¢), Iowa (-8.5¢), New Mexico (-7.5¢), Colorado (-6.3¢), North Carolina (+6.2¢)

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