BALTIMORE, MD—The national average price of gasoline has fallen for the second consecutive week, declining 1.8 cents to $3.07 per gallon, according to GasBuddy data released Monday. This marks a 5.2-cent drop from a month ago and a significant 32.8-cent decrease compared to a year ago.
Diesel prices also saw a decline, decreasing 1.7 cents in the past week to an average of $3.448 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, attributed the price drop to increased refinery output and a surge in gasoline supplies. While some states experienced price cycling, De Haan noted that a “gentle downward trend” is typical as summer progresses. He anticipates no major shifts at the pump for most areas this week, barring a significant rise in oil prices.
Oil prices remained largely stable last week, with Brent crude around $66 and West Texas Intermediate (WTI) near $64. Markets are currently absorbing OPEC+’s decision to boost output by 411,000 barrels per day (bpd) in July amid signs of softening demand. Despite an oversupplied outlook, geopolitical risks and improving U.S.-China trade sentiment have kept prices resilient.
According to Eric Nuttall, Partner and Senior Portfolio Manager at Ninepoint Partners, global oil inventories have risen by 216 million barrels year-to-date, surpassing the five-year average. He suggests that U.S. shale production may need to act as a balancing mechanism, requiring WTI prices to fall below $60 to induce necessary declines.
The latest Weekly Petroleum Status Report from the EIA, for the week ending May 30, 2025, showed U.S. oil inventories fell by 4.3 million barrels, standing about 7% below the seasonal average. Gasoline inventories, however, jumped by 5.2 million barrels, now 1% below the five-year seasonal average. Refinery utilization increased by 3.2 percentage points to 93.4%.
The most common gas price encountered by motorists nationwide remained unchanged at $2.99 per gallon. Mississippi ($2.60), Oklahoma ($2.63), and Louisiana ($2.68) currently boast the lowest average gas prices, while California ($4.63), Hawaii ($4.43), and Washington ($4.33) have the highest.
For diesel, the most common price held steady at $3.39 per gallon. Texas ($2.96), Oklahoma ($3.03), and Mississippi ($3.08) have the lowest average diesel prices, with Hawaii ($5.17), California ($4.97), and Washington ($4.63) reporting the highest.
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
