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Gas prices see rare summer double-digit weekly drop

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BALTIMORE, MD—For the second straight week, the nation’s average price of gasoline has decreased, falling 10.0 cents from a week ago to $3.40 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 23.0 cents from a month ago and is 18.2 cents per gallon lower than a year ago. The national average price of diesel has fallen 6.7 cents in the last week and stands at $3.75 per gallon—14 cents lower than one year ago.

“We’ve seen one of the larger weekly drops in the national average price of gasoline in some time, and what incredible timing that it comes at the beginning of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Not only have gasoline prices plummeted in nearly every state in the last week, but nearly every state has also seen prices drop compared to a month ago. With the declines, Americans will spend roughly $425 million less per week on gasoline than a year ago. In addition, the price of diesel has fallen alongside gasoline to its lowest level since Russia’s invasion of Ukraine in early 2022. This price decline party is ramping up, and I expect additional declines ahead of July 4 for both gasoline and diesel prices. Six states now have average prices below $3 per gallon, and more will join soon, with the number of U.S. stations at $2.99 or lower already nearing 25,000. It’s a great start to summer for those hitting the road.”

The most common U.S. gas price encountered by motorists stood at $3.29 per gallon, down 10 cents from last week, followed by $3.19, $3.39, $2.99, and $3.09 rounding out the top five most common prices.

The median U.S. gas price is $3.28 per gallon, down 11 cents from last week and about 12 cents lower than the national average.

The top 10% of stations in the country average $4.68 per gallon, while the bottom 10% average $2.79 per gallon.

The states with the lowest average prices: Oklahoma ($2.88), Texas ($2.91), Mississippi ($2.91).

The states with the highest average prices: California ($4.86), Hawaii ($4.68), and Washington ($4.34).

See previous gas price reports here

In the Baltimore metro area, the cheapest gas this week could be found at the following locations:

Photo via Pixabay

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