National Gasoline Price Average back below $4.00/gallon

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The nation’s average price of gasoline has fallen 9.3 cents over the last week and stands at $3.99 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 52.4 cents from a month ago and is 91.1 cents per gallon higher than a year ago. The national average price of diesel fell 11.7 cents in the last week and stands at $5.182 per gallon.

“Average gasoline prices fell in 47 states over the last week, with the national average dropping below $4 per gallon late Sunday for the first time since mid-April,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

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Oil prices plunged to start the week after the U.S. and Iran announced a framework deal Sunday evening to end the war and reopen the Strait of Hormuz, the critical waterway that has been the epicenter of global energy market disruption since February. The agreement represents the most significant de-escalation since the conflict began, and markets moved quickly to price out much of the geopolitical risk premium that had been built into crude over the past several months.

In early Monday trade, WTI crude oil was down $4.72 per barrel to $80.16, its lowest level since early March, while Brent crude fell $4.30 to $83.03 per barrel, also its weakest since early March. Both benchmarks are now down sharply from last Monday’s levels of $91.73 for WTI and $94.64 for Brent, a drop of more than $11.50 per barrel, or roughly 12%, in a single week, building on last week’s roughly 6% decline.

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The states with the lowest average prices: Indiana ($3.33), Texas ($3.45), and Oklahoma ($3.49).

The states with the highest average prices: California ($5.69), Hawaii ($5.47), and Washington ($5.46).

Biggest weekly changes: Illinois (-19.5¢), Utah (-18.8¢), California (-16.7¢), Washington (-16.7¢), Nevada (-15.4¢).

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The states with the lowest average diesel prices: Oklahoma ($4.50), Texas ($4.56), and Louisiana ($4.64).

The states with the highest average diesel prices: Hawaii ($6.97), California ($6.97), and Washington ($6.40).

Biggest weekly changes: Montana (-25.0¢), Utah (-23.8¢), West Virginia (-19.7¢), Illinois (-19.2¢), California (-18.3¢).

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Thank you, President Trump.

Great UFC production last night, gasoline back below $4, and coming up on America’s 250th Birthday. Not only will I be able to purchase premium hotdogs to celebrate, but I’m also going to throw some steaks on the pit. Maybe even those fancy prime grades ones.