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Gas prices decline, fall to lowest level since March

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BALTIMORE, MD—After a brief rise last week, the nation’s average gasoline price is again falling, declining 5.8 cents per gallon to $3.50 per gallon on Monday, 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 15.9 cents from a month ago and is 1.9 cents per gallon higher than a year ago. The national average price of diesel has fallen 1.8 cents in the last week and stands at $3.82 per gallon—9 cents lower than one year ago.

“The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March. Thankfully, gas prices are unlikely to be moved by OPEC’s meeting and agreement to extend production cuts into 2025, leading the national average to fall below $3.50 in the next week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it’s very likely we’ll continue to see gas prices fall as we approach July 4. Diesel prices also continue to decline to their lowest level in nearly 11 months. The future looks bright for falling fuel prices across the board, though we’ll have to keep our eyes on hurricane season.”

The most common U.S. gas price encountered by motorists stood at $3.39 per gallon, down 10 cents from last week, followed by $3.29, $3.49, $3.19, and $3.59 rounding out the top five most common prices.

The median U.S. gas price is $3.39 per gallon, down 6 cents from last week and about 11 cents lower than the national average.

The top 10% of stations in the country average $4.80 per gallon, while the bottom 10% average $2.89 per gallon.

The states with the lowest average prices: Mississippi ($2.96), Oklahoma ($2.96), Arkansas ($2.99).

The states with the highest average prices: California ($4.99), Hawaii ($4.69), and Washington ($4.45).

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 20240603

Photo via Pixabay

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