BALTIMORE, MD—The national average gas price in the US has fallen for the second consecutive week, dropping 3.8 cents to reach $3.04 per gallon, according to GasBuddy. This decline is attributed to a decrease in oil prices, which have been hovering around $70 per barrel.
The national average is currently 4.7 cents lower than last month and a significant 29.9 cents lower than the same time last year. Diesel prices have fallen 1.9 cents to $3.629 per gallon nationally over the last week.
Patrick De Haan, head of petroleum analysis at GasBuddy, commented on the price fluctuations, stating, “Gasoline prices in the U.S. have edged slightly lower over the past week, even as geopolitical tensions intensify.” He highlighted the potential impact of the Trump administration’s proposed tariffs on countries like Mexico, Canada, and China, which could create economic uncertainty and affect fuel prices.
Adding to the uncertainty is the ongoing conflict in Ukraine and discussions surrounding a potential deal to end the war. De Haan noted that while OPEC has indicated its intention to stabilize the market, policy decisions from the White House could introduce further uncertainty, making it difficult to predict future price movements.
Despite the recent dip in prices, De Haan cautioned that the seasonal spring increase is expected to push prices higher in the coming weeks leading up to summer.
Oil markets, after experiencing some ups and downs, are currently in a neutral state, balancing the possibility of US tariffs against talks between the US and Ukraine. While oil prices saw a slight increase at the start of the week, they remain lower than last week’s figures. WTI crude oil rose 23 cents to $69.99 per barrel, down from $70.30 last week. Brent crude oil also saw a rise, reaching $73.15 per barrel, a slight decrease from $73.49 per barrel last Monday. Oil may move sideways ahead of OPEC’s decision about restoring production cuts at its April meeting, potentially pressuring oil further.
According to the Energy Information Administration’s latest report, US oil inventories saw a 2.3 million barrel dip, placing them 4% below the seasonal five-year average. Gasoline inventories, on the other hand, increased by 400,000 barrels and are currently slightly below the seasonal average. Distillate inventories gained 3.9 million barrels but are still 8% below the seasonal five-year average. Refinery utilization rose 1.6 percentage points to 86.5%, while domestic crude oil production increased slightly to 13.502 million barrels daily.
See previous gas price reports here
In and around the Nottingham area, the cheapest gas this week could be found at these locations…
- Bowleys Quarters
- Carney
- Edgewood
- Essex
- Fallston
- Joppa
- Kingsville
- Middle River
- Nottingham
- Overlea/Fullerton
- Parkville
- Perry Hall
- Rosedale
- Rossville
- Towson
- White Marsh
This article was written with the assistance of AI and reviewed by a human editor.
Photo via Pixabay
