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Gas prices fall for second straight week

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BALTIMORE, MD—For the second straight week, the nation’s average price of gasoline has declined, falling 3.8 cents from a week ago to $3.03 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.

The national average is down 12.2 cents from a month ago and 22.0 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.6 cents in the last week and stands at $3.90 per gallon—75 cents lower than one year ago.

“Sluggish gasoline demand has led to the national average easing again and brings back the potential for the national average to drift under $3 per gallon for the first time since 2021,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With a record rise in gasoline inventories last week as demand was anemic during the holidays, motorists have provided the catalyst for falling prices. If demand remains weak, gasoline prices could fall further. In addition, refinery issues in California have also eased, which will soon cause prices to decline in California, Nevada, and Arizona, providing momentum for a possible run at a $2.99 national average. However, the better it gets now, the more bumpy and sharp the rise could be ahead of the spring, as prices could start their rise of 35-85 cents per gallon around mid-February.”

The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $2.89, $2.79, $3.19, and $2.69 rounding out the top five most common prices. The median U.S. gas price is $2.89 per gallon, unchanged from last week and about 14 cents lower than the national average. The top 10% of stations in the country average $4.45 per gallon, while the bottom 10% average $2.43 per gallon. The states with the lowest average prices: Oklahoma ($2.51), Arkansas ($2.60), and Wisconsin ($2.62). The states with the highest average prices: California ($4.63), Hawaii ($4.57), and Washington ($4.02).

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 20240108

Photo via Pixabay

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