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Gas prices eke out weekly decline, reversal likely soon

BALTIMORE, MD—For the second straight week, the nation’s average price of gasoline has moved lower, falling 0.3 cents from a week ago to $3.40 per gallon this week 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 7.8 cents from a month ago but 83.0 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.9 cents in the last week and stands at $4.19 per gallon, 92.7 cents lower than one year ago.

“The national average price of gasoline has seen little overall change over the last week, with big decreases in states like Colorado and Ohio offset by large increases in Arizona and North Carolina. While more states saw declines than increases, any downward trends are still likely to be temporary and not necessarily long lasting,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“While Colorado’s refinery issues are largely moving into the rearview mirror, challenges making the transition to summer gasoline in Arizona are leading to tight supply and accelerating prices,” De Haan added. “Motorists in some areas may be on the receiving end of good news, while others may not as we hit the second half of refinery maintenance season. You never know what the closing moments will look like, and motorists could be in for a dramatic ride if issues develop.”

The most common U.S. diesel price stood at $3.99 per gallon, unchanged from last week, followed by $3.89, $3.79, $4.09, and $4.19 rounding out the top five most common prices.  The median U.S. diesel price is $4.02 per gallon, down 7 cents from last week and about 16 cents lower than the national average for diesel.  Diesel prices at the top 10% of stations in the country average $5.25 per gallon, while the bottom 10% average $3.50 per gallon.  The states with the lowest average diesel prices: Oklahoma ($3.65), Texas ($3.69), and Kansas ($3.84).  The states with the highest average diesel prices: Hawaii ($5.89), California ($5.39), and Maine ($5.09).

See previous gas price reports here

In the Baltimore metro area, the cheapest gas this week could be found at the following locations:

Baltimore Lowest Gas Prices 20230327

Photo via Pixabay

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