National Gasoline Price Average Dips Lower

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The nation’s average price of gasoline has fallen 0.4 cents over the last week and stands at $3.03 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 1.1 cents from a month ago and is 1.1 cents per gallon higher than a year ago. The national average price of diesel has increased 4.1 cents in the last week and stands at $3.769 per gallon.

“With oil prices mostly stable near the $60 per barrel level, we’ve seen the national average move very little over the last few weeks. Roughly half of all states saw prices rise in the last week, while the other half saw prices fall,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The West Coast should soon see notable price relief as wholesale prices drop amidst seasonally declining demand. With refinery maintenance nearing completion, we’ll likely see supply improve—and I’m hopeful this will bring the national average solidly below $3 per gallon by Christmas."

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In early Monday trade, a barrel of WTI crude oil was up 26 cents per barrel to $60.35, up slightly from last Monday’s $59.99 start. Brent crude oil was also seeing upside strength and was up 24 cents to $64.63 per barrel, up from $63.87 a week ago. Overall, however, oil prices have been rangebound for the last several months, trading between $57 – $65 per barrel as the market balances increased oil from OPEC and the Russian war in Ukraine.

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The SPR rose 800,000 barrels to 410.4 million.

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The states with the lowest average prices: Oklahoma ($2.43), Mississippi ($2.57), and Louisiana ($2.57).

The states with the highest average prices: California ($4.63), Hawaii ($4.38), and Washington ($4.11).

Biggest weekly changes: Nevada (-15.9¢), Ohio (+12.3¢), Washington (-9.9¢), Iowa (-9.2¢), Michigan (-9.0¢)

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The states with the lowest average diesel prices: Texas ($3.23), Louisiana ($3.30), and Mississippi ($3.31).

The states with the highest average diesel prices: California ($5.13), Hawaii ($5.12), and Washington ($4.88).

Biggest weekly changes: Michigan (+14.0¢), Indiana (+13.5¢), Delaware (+11.6¢), Kansas (+10.2¢), Illinois (+9.5¢)

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