Business, Sci-Tech

Gas prices ease slightly for first time in months

NOTTINGHAM, MD—For the first time in nine weeks, the nation’s average gas price has declined, falling 4.2 cents from a week ago to $4.97 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 up 37.3 cents from a month ago and $1.92 per gallon higher than a year ago. The national average price of diesel has risen 2.6 cents in the last week and stands at $5.80 per gallon.

“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn’t yet entirely clear. We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”

The most common U.S. gas price encountered by motorists stood at $4.99 per gallon, unchanged from last week, followed by $4.79, $4.69, $4.59, and $4.89 rounding out the top five most common prices.  The median U.S. price is $4.85 per gallon, down 4 cents from last week and about 12 cents lower than the national average.  The top 10% of stations in the country average $6.15/gal, while the bottom 10% average $4.38/gal.  The states with the lowest average prices: Georgia ($4.46), Mississippi ($4.47), and Arkansas ($4.50).  The states with the highest prices: California ($6.38), Nevada ($5.62), and Alaska ($5.59).

See previous gas price reports here

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

$4.78 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$4.78 per gallon
BJ’s Wholesale Club
4201 Wholesale Club Drive
Nottingham, MD 21236

$4.79 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$4.79 per gallon
10800 Pulaski Highway
White Marsh, MD 21162

Photo via Pixabay

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