Business, Sci-Tech

Gas prices decline for fourth straight week

NOTTINGHAM, MD—For the fourth consecutive week, the nation’s average gas price has fallen, declining 12.8 cents from a week ago to $4.66 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 34.4 cents from a month ago and $1.54 per gallon higher than a year ago. The national average price of diesel has declined 8.5 cents in the last week and stands at $5.65 per gallon.

“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020. Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong. But we’re not completely out of the woods yet – we could also see a sharp reversal in the decline. There remains the risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue.”

The most common U.S. gas price encountered by motorists stood at $4.29 per gallon, down 20 cents from last week, followed by $4.39, $4.59, $4.49, and $4.69 rounding out the top five most common prices. The median U.S. price is $4.55 per gallon, down 11 cents from last week and about 11 cents lower than the national average. The top 10% of stations in the country average $5.89/gal, while the bottom 10% average $3.98/gal. The states with the lowest average prices: South Carolina ($4.14), Mississippi ($4.17), and Georgia ($4.18). The states with the highest prices: California ($6.08), Hawaii ($5.59), and Alaska ($5.48).

See previous gas price reports here

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

$4.35 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$4.35 per gallon
4201 Wholesale Club Drive
Nottingham, MD 21236

$4.35 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD  21237

$4.39 per gallon
11625 Philadelphia Road
White Marsh, MD 21162

$4.39 per gallon
Carroll Motor Fuels
9525 Pulaski Highway
Middle River, MD 21220

Photo via Pixabay

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