Around Maryland, Business, Sci-Tech

Gas prices fall for sixth straight week, hit lowest levels since March

BALTIMORE, MD—For the sixth consecutive week, the nation’s average price of gasoline has dropped, falling 5.3 cents from a week ago to $3.45 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 36.3 cents from a month ago and 27.4 cents per gallon lower than a year ago. The national average price of diesel has fallen 3.4 cents in the last week and stands at $4.43 per gallon—86 cents lower than one year ago.

“Average gasoline prices have fallen for a sixth straight week in nearly every state, with the national average now at its lowest level since March,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The West Coast has been home to some of the largest declines, with California seeing an impressive 80-cent drop in the last four weeks, dispelling the myth that prices don’t fall as fast as they go up.”

“In this case, they have gone down extremely quickly, a trend that will see Arizona fall back below $4 this week. Nevada could join the sub-$4 club by Thanksgiving, and some stations in California will soon see a three-handle price return,” De Haan added. “For now, I believe we could see a further 10-20 cent drop in the national average in the weeks ahead, but any jolt in the delicate Middle East still holds the potential to disrupt the drop we’re seeing.”

The most common U.S. gas price encountered by motorists stood at $3.19 per gallon, down 10 cents from last week, followed by $3.29, $3.09, $2.99, and $3.39 rounding out the top five most common prices. The median U.S. gas price is $3.25 per gallon, down 4 cents from last week and about 19 cents lower than the national average. The top 10% of stations in the country average $5.09 per gallon, while the bottom 10% average $2.80 per gallon. The states with the lowest average prices: Georgia ($2.93), Texas ($2.94), and Mississippi ($2.94). The states with the highest average prices: California ($5.26), Hawaii ($4.70), and Washington ($4.66).

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 20231030

Photo via Pixabay

Please follow and like us: