BALTIMORE, MD—The average price of gasoline in the United States has risen for the first time since May, increasing 1.1 cents over the past week to $3.08 per gallon, according to data released Monday by GasBuddy. The uptick is attributed to surging oil prices following recent attacks between Israel and Iran.
Despite the weekly rise, the national average remains 9.5 cents lower than a month ago and 32.7 cents lower than a year ago. Diesel prices also saw an increase, climbing 4.0 cents in the last week to $3.488 per gallon.
“With Israel and Iran trading attacks, oil prices have surged to multi-month highs — setting the stage for additional price hikes at gas pumps across the country,” said Patrick De Haan, head of petroleum analysis at GasBuddy. He cautioned that continued escalation in the Middle East poses a high risk for further impacts on oil prices.
De Haan anticipates gasoline prices could rise by 10 to 20 cents, while diesel could climb 15 to 25 cents in the coming days.
Oil markets reacted strongly to the conflict last week. West Texas Intermediate (WTI) crude, after rising nearly 5% in Sunday evening trade, was down $1.13 to $71.85 per barrel in early Monday trading, still significantly higher than its $64.73 start last week. Brent crude also saw a slight dip early Monday, down $1.11 to $73.12 per barrel, but remains well above its $65.44 mark from last week. Analysts noted that while no supply disruptions have occurred, a “risk premium” has been added to prices.
According to the U.S. Energy Information Administration (EIA) data for the week ending June 6, U.S. oil inventories fell by 3.6 million barrels, standing about 8% below the seasonal average. Gasoline inventories rose by 1.5 million barrels but are 2% below the five-year seasonal average, while distillate inventories increased by 1.2 million barrels, remaining about 17% below their five-year seasonal average.
The most common price motorists encountered for gasoline was $2.99 per gallon, unchanged from last week. States with the lowest average prices included Mississippi ($2.64), Tennessee ($2.66), and Oklahoma ($2.68). Conversely, California ($4.57), Hawaii ($4.44), and Washington ($4.31) reported the highest averages. Indiana saw the biggest weekly price jump at +17.1 cents, while Florida experienced the largest decline at -11.4 cents.
For diesel, the most common price was $3.39 per gallon. Texas ($2.98), Oklahoma ($3.09), and Mississippi ($3.10) had the lowest average diesel prices, while Hawaii ($5.20), California ($4.97), and Washington ($4.65) had 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
