Business, Sci-Tech

Gas prices fall as oil prices fade amid higher output

NOTTINGHAM, MD—The nation’s average gas price has fallen 2.9 cents per gallon from a week ago to $3.14 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 now stands 4.7 cents higher than a month ago and 97.2 cents higher than a year ago. The national average price of diesel has fallen 0.7 cents in the last week and stands at $3.26 per gallon.

“With oil prices struggling under the weight of a rise in new Covid cases thanks to the Delta variant and OPEC’s increase in oil production, average gas prices in most states finally drifted lower,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “However, we aren’t yet in the clear – U.S. gasoline demand last week surged to a new 2021 high, besting the week prior to the July 4 holiday. This shows that motorists aren’t slowing their appetite for hitting the road just yet, and that could further boost prices should demand remain hot. For now, motorists should enjoy the perhaps brief respite at the pump and buckle up for what might be a bumpy finish to summer.”

The most common U.S. gas price encountered by motorists was $2.99 per gallon, unchanged from last week, followed by $2.89, $3.09 and $2.79. The average cost at the priciest 10% of stations stands at $4.17 per gallon, up 2 cents from a week ago, while the lowest 10% average $2.68 per gallon, down 4 cents from a week ago. The median U.S. price is $2.99 per gallon, unchanged from last week and about 17 cents lower than the national average. The states with the lowest average prices: Mississippi ($2.76), Louisiana ($2.77) and Texas ($2.78). The states with the highest priced states: California ($4.32), Hawaii ($4.00) and Nevada ($3.92).

In the coverage area, the cheapest gas as of Monday morning was located at Costco (9919 Pulaski Highway) and at Sam’s Club (6410 Petrie Way). The price per gallon for regular gas was $2.83 at each location, unchanged from last week.

Photo by Ingo Joseph from Pexels

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