Business, Sci-Tech

Gas prices fall for fourth straight week as oil prices begin to rise



Editor’s note: This article is about the national average and does not take into account the reinstatement of Maryland’s gas tax, which occurred on Sunday.

NOTTINGHAM, MD—For the fourth straight week, the nation’s average gas price has declined, falling 3.8 cents from a week ago to $4.06 per gallon on Monday according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country.

The national average is down 21.1 cents from a month ago and $1.21 per gallon higher than a year ago. The national average price of diesel has fallen 1.2 cents in the last week and stands at $5.02 per gallon.

In Maryland, however, gas prices rose overnight as the state’s 30-day gas tax waiver expired on Sunday.

“We’ve now seen the national average price of gasoline decline every week for the last month, a feat we most likely would not have expected ahead of summer and given the continued turns in Russia’s war on Ukraine. However, the downturn could slow or could even reverse in the days ahead if the rally in oil prices continues,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “A barrel of crude is now $14 higher than it was last week, as the European Union weighs placing harsher sanctions on Russia. This could further tilt the delicate balance of supply and demand in the wrong way, potentially sending oil prices up significantly if implemented. The path forward at the pump remains murky, however, with many possible outcomes, so motorists should be prepared for a bumpy ride.”



The most common U.S. gas price encountered by motorists stood at $3.79 per gallon, down 20 cents from last week, followed by $3.89, $3.99, $3.69, and $3.59 rounding out the five most common prices.  The median U.S. price is $3.87 per gallon, down 2 cents from last week and about 19 cents lower than the national average.  The top 10% of stations in the country average $4.55/gal, while the bottom 10% average $3.49/gal.  The states with the lowest average prices: Kansas ($3.67), Arkansas ($3.68), and Oklahoma ($3.68).  The states with the highest prices: California ($5.69), Hawaii ($5.18), and Nevada ($5.07).

See previous gas price reports here

In the NottinghamMD.com coverage area, the cheapest gas as of Monday could be found at the following locations:

(Editor’s note: the prices below do not reflect the expiration of Maryland’s gas tax waiver, which occurred on Sunday)

$3.45 per gallon
Costco
9919 Pulaski Highway
Middle River, MD 21220

$3.45 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$3.47
Marathon
10100 Harford Road (at Cub Hill Road)
Carney, MD 21234

$3.47
7-Eleven
11625 Philadelphia Road
White Marsh, MD 21162

Photo by Ingo Joseph from Pexels

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