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Gas prices eke out 11th straight weekly drop

BALTIMORE, MD—For the 11th consecutive week, the nation’s average price of gasoline has fallen, declining 0.4 cents from a week ago to $3.21 per gallon this week according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.

While gas prices still haven’t hit the lows they reached in 2020, the national average is down 18.9 cents from a month ago and 14.9 cents per gallon lower than a year ago. The national average price of diesel has fallen 4.7 cents in the last week and stands at $4.18 per gallon—92 cents lower than one year ago.

“We’ve barely eked out a drop in the national average over the last week, extending the streak to 11 straight weeks of decline, even as some states have seen prices jump, while others have seen prices continue to inch lower. Motorists can blame the OPEC+ meeting for causing oil to jump early last week and then plummet late last week for the volatility in gas prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The good news is that as the dust settled, OPEC+ agreed to barely move the needle, deepening their production cuts by an additional 900,000 barrels per day in 2024, with Saudi Arabia extending their own million barrel per day cut through March. However, that wasn’t enough to offset concerns of falling global demand, which pushed oil back down to below $73 in Sunday night trading, giving hope that the national average still could fall to $2.99/gal by the end of the year.”

The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $3.19, $2.89, $3.09, and $3.29 rounding out the top five most common prices. The median U.S. gas price is $3.07 per gallon, up 3 cents from last week and about 11 cents lower than the national average. The top 10% of stations in the country average $4.61 per gallon, while the bottom 10% average $2.57 per gallon. The states with the lowest average prices: Oklahoma ($2.65), Mississippi ($2.71), and Texas ($2.72). The states with the highest average prices: California ($4.78), Hawaii ($4.68), and Washington ($4.31).

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

Photo via Pixabay

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