BALTIMORE, MD—For the third straight week, the nation’s average price of gasoline has declined, falling 10.2 cents from a week ago to $3.67 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 13.8 cents from a month ago and 25.0 cents per gallon lower than a year ago. The national average price of diesel has fallen 4.0 cents in the last week and stands at $4.48 per gallon, 52.5 cents lower than one year ago.
“At long last, the decline in gas prices that we’ve been waiting to see has arrived, and the locomotive of falling prices has only recently started on a downhill, gaining momentum,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, some new caution signs have emerged with the recent attacks on Israel, potentially destabilizing a sensitive region. I’m hopeful the violence won’t spread, limiting the impact of these falling gas prices.”
“Even with oil prices rising as a reaction to the attacks, I remain optimistic the national average could decline another 25-45 cents by late November, with prices potentially falling nearly triple that in California,” De Haan added. “Even the price of diesel has seen downward pressure with oil prices plummeting last week on fears that the Fed will be forced to continue raising rates, eating into demand growth, leading a barrel of crude to drop into the mid-$80s, but we remain concerned about a potentially destabilized Middle East and the potential impact to oil prices should the region see violence escalate.”
The most common U.S. gas price encountered by motorists stood at $3.39 per gallon, unchanged from last week, followed by $3.29, $3.49, $3.59, and $3.19 rounding out the top five most common prices. The median U.S. gas price is $3.45 per gallon, down 9 cents from last week and about 22 cents lower than the national average. The top 10% of stations in the country average $5.58 per gallon, while the bottom 10% average $2.98 per gallon. The states with the lowest average prices: Mississippi ($3.12), Georgia ($3.12), and South Carolina ($3.17). The states with the highest average prices: California ($5.82), Washington ($5.03), and Nevada ($4.93).
See previous gas price reports here
In the Baltimore metro area, the cheapest gas this week could be found at the following locations:
Photo via Pixabay
