GasBuddy: Interest Rate Cut causes National Average Gasoline Price to Increase

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For the first time in 8 weeks, the national average price of gasoline edged higher, rising 1.2 cents compared to a week ago, and stands at $3.16 per gallon today, 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 18.8 cents from a month ago and is 67.4 cents per gallon lower than a year ago. The national average price of diesel has fallen 2.1 cents in the last week and stands at $3.55 per gallon.

“With oil prices jumping after the U.S. Federal Reserve cut interest rates by a larger-than-expected half percent, we’ve seen some states where gas prices have inched back up, while others have continued to decline. Most of these increases should be temporary with declines returning in the days and weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

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With Middle East tensions building and optimism over potential growth in the U.S. economy after the Fed’s larger-than-expected 50 basis point cut last week, oil prices have bounced back above the $70 per barrel level, rising to $71.12 in early Monday trade, up 12 cents, and nearly $2 higher than last week’s $69.52 per barrel start.

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Last week’s report from the EIA showed a 1.6 million barrel decline in oil inventories, while the SPR rose 700,000 barrels, and domestic production fell to 13.2 million barrels.

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The states with the lowest average prices: Mississippi ($2.66), Oklahoma ($2.68), Louisiana ($2.70).

The states with the highest average prices: California ($4.67), Hawaii ($4.54), and Washington ($4.05).

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The states with the lowest average diesel prices: Texas ($3.03), Oklahoma ($3.15), and Mississippi ($3.17).

The states with the highest average diesel prices: Hawaii ($5.34), California ($4.88), and Washington ($4.35).

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