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Gas prices creep higher, more drops likely

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BALTIMORE, MD—For the first time since April, the national average price of gasoline has inched higher, rising 1.2 cents per gallon to $3.56 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 6.5 cents from a month ago but is 1.2 cents per gallon higher than a year ago. The national average price of diesel has fallen 2.9 cents in the last week and stands at $3.82 per gallon—11 cents lower than one year ago.

“With the summer driving season now underway, average gas prices have seen ups in some areas and downs in others. Most states are seeing prices slightly below their 2024 peak thus far, with some refinery issues in the Great Lakes weighing on prices there, while other areas, like the West Coast, have seen notable relief with more coming,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “June tends to be a month of smooth sailing, where we see gas prices decline in most areas, and that’s a trend that looks the most likely for drivers, barring unexpected refinery snags or a tropical storm developing. The national average over Memorial Day was down ever so slightly compared to last year—after adjusting for inflation, prices were down about 10 cents per gallon. Not a terrible way to kick off summer!”

The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, unchanged from last week, followed by $3.39, $3.59, $3.29, and $3.19 rounding out the top five most common prices.

The median U.S. gas price is $3.45 per gallon, unchanged from last week and about 11 cents lower than the national average.

The top 10% of stations in the country average $4.90 per gallon, while the bottom 10% average $2.92 per gallon.

The states with the lowest average prices: Mississippi ($3.00), Oklahoma ($3.03), Arkansas ($3.05).

The states with the highest average prices: California ($5.05), Hawaii ($4.71), and Washington ($4.49).

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 20240528

Photo via Pixabay

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