BALTIMORE, MD—The national average gas price in the U.S. has risen slightly after nearly a month of decline, according to GasBuddy. However, the increase could be temporary as OPEC+ has agreed to increase oil production starting in June, which could lead to prices falling below $3 per gallon soon.

The national average gas price currently sits at $3.12 per gallon, up 2.0 cents from last week but still down 12.0 cents from a month ago and 49.6 cents lower than a year ago. Diesel prices also saw a slight increase, rising 0.2 cents to $3.501 per gallon.

According to Patrick De Haan, head of petroleum analysis at GasBuddy, the recent price increase was due to a mixed bag at the pump, with slightly over half of the states seeing gas prices rise and the rest experiencing modest declines. Price cycling continued in regions prone to such movements, including the Great Lakes region, Maryland, Florida, and parts of Texas.

However, the most significant development is OPEC+’s decision to raise oil production by over 400,000 barrels per day starting in June. This decision, coupled with global uncertainty and weakness in the market, has sent oil prices plummeting to their lowest levels since the pandemic. WTI crude oil prices fell to $57.47 per barrel, down from $62.81 per barrel last Monday, while Brent crude oil dropped to $60.51 per barrel, down from $66.66 per barrel.

De Haan believes that while the short-term outlook for U.S. gas prices may be uncertain, the decline in oil prices could lead to a national average below $3 per gallon soon, as refinery output is expected to rise following the completion of maintenance work. The U.S. oil rig count fell by three rigs, totaling 21 fewer rigs than a year ago as U.S. producers curtail drilling.

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

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