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Gas prices decline for third straight week

BALTIMORE, MD—For the third consecutive week, the nation’s average price of gasoline has fallen, declining 7.5 cents from a week ago to $3.50 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 down 7.5 cents from a month ago and 80.7 cents per gallon lower than a year ago. The national average price of diesel has fallen 6.3 cents in the last week and stands at $4.01 per gallon, $1.51 lower than one year ago.

“For the third straight week, consumers have been greeted by falling gasoline prices across a majority of the country, thanks to oil prices holding near recent lows and the transition to summer gasoline being essentially complete. While there have been a few pockets of rising prices, those have been the needle in the haystack, with nearly every single state seeing gas prices fall,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“In addition to gasoline prices declining, the average price of a gallon of diesel will join gasoline in the days ahead, falling below $4 per gallon in the next 48 hours or so, a sign of how far we’ve come,” De Haan added. “Americans are spending hundreds of millions less on fuel every week compared to a year ago, and that’s a number that could rise further as prices are poised to continue trending lower this week.”

The most common U.S. diesel price stood at $3.99 per gallon, unchanged from last week, followed by $3.89, $3.79, $3.69, and $4.09 rounding out the top five most common prices. The median U.S. diesel price is $3.94 per gallon, down 5 cents from last week and about 7 cents lower than the national average for diesel. Diesel prices at the top 10% of stations in the country average $5.06 per gallon, while the bottom 10% average $3.28 per gallon. The states with the lowest average diesel prices: Texas ($3.41), Louisiana ($3.58), and Oklahoma ($3.60). The states with the highest average diesel prices: Hawaii ($5.84), California ($5.09), and Washington ($4.91).

See previous gas price reports here

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

Lowest Baltimore Gas Prices 20230508

Photo via Pixabay

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