Gas Price Rise Hits Pause, Prices Decline

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The nation’s average price of gasoline has returned to a decline, falling 0.9 cents compared to a week ago, and stands at $3.08 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 6.5 cents from a month ago and is 1.8 cents per gallon lower than a year ago. The national average price of diesel has increased 4.4 cents in the last week and stands at $3.650 per gallon.

“Oil prices have declined over the last week following President Trump’s speech at the World Economic Forum, where he urged Saudi Arabia to lower oil prices by restoring production. The downturn in oil has caused gas prices to stabilize for the time being, with crude now more than $5 per barrel below where it was a couple of weeks ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As we approach the February 1 deadline for potential U.S. tariffs on Canada and Mexico — key sources of crude oil imports — we’ll be monitoring for any potential impact, including the possibility of retaliatory tariffs. For now, I remain hopeful that tariffs won’t materialize, and gas prices could stay relatively stable over the next few weeks, at least until the seasonal rise in prices begins in mid-to-late February.”

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In early Monday trade, a barrel of WTI crude oil was down 60 cents to $74.06 per barrel, down from last week’s $76.65 per barrel start. Brent crude oil was also trading lower, down 57 cents to $77.93 per barrel, also a bit lower than last week’s $79.76 per barrel start.

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The states with the lowest average prices: Oklahoma ($2.62), Mississippi ($2.64), Texas ($2.68).

The states with the highest average prices: Hawaii ($4.51), California ($4.38), and Washington ($3.87).

Biggest weekly changes: Ohio (-11.2¢), Indiana (-8.4¢), Michigan (-6.5¢), Maryland (-5.5¢), Utah (-5.1¢)

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