The current national average is 7.0 cents lower than a month ago and 32.3 cents lower than a year ago. Diesel prices also saw a slight decrease, falling 1.8 cents in the last week to an average of $3.690 per gallon.

Patrick De Haan, head of petroleum analysis at GasBuddy, noted that while some markets like Florida and Michigan saw upward price cycling, others, including Indiana and Ohio, experienced sharp declines. However, he warned that these states could see price jumps soon.

“As we approach the peak of hurricane season, forecasts are showing favorable conditions for tropical development, so we’ll be watching closely for any potential impact on supply and prices as Labor Day nears,” De Haan said Monday.

Oil Market and Supply Dynamics

Oil prices saw slight increases early Monday. WTI crude oil was up 33 cents to $64.21 per barrel, while Brent crude oil rose 34 cents to $66.93 per barrel. These figures are down from last Monday’s start of $65.72 for WTI and $68.22 for Brent.

According to UBS analyst Giovanni Staunovo, oil prices have fallen in recent days as market participants reduced supply disruption estimates, “likely because the U.S. only imposed an extra tariff on India rather than all buyers of Russian oil.” President Donald Trump’s tariffs on various trading partners are also weighing on oil prices, potentially slowing economic growth and negatively impacting oil consumption.

A meeting between U.S. President Donald Trump and Russian President Vladimir Putin is scheduled for Friday, Aug. 15, in Alaska, where discussions are expected to focus on ending the three-year war in Ukraine.

The U.S. Energy Information Administration’s Weekly Petroleum Status Report for the week ending Aug. 1, 2025, showed a decrease in U.S. oil inventories by 3.0 million barrels, placing them about 6% below the seasonal average. Gasoline inventories fell by 0.6 million barrels, standing 1% below the five-year seasonal average, while distillate inventories dropped by 0.6 million barrels, about 16% below the five-year seasonal average.

Refinery utilization increased by 1.5 percentage points to 96.9%, but implied gasoline demand, a proxy for retail demand, decreased by 112,000 barrels per day to 9.040 million barrels per day.

Gas Price Trends by State

The most common U.S. gas price remained unchanged at $2.99 per gallon. The median U.S. gas price is $2.97 per gallon, a 2-cent decrease from last week.

The states with the lowest average prices are:

• Oklahoma ($2.64)
• Mississippi ($2.66)
• Texas ($2.67)

The states with the highest average prices are:

• California ($4.45)
• Hawaii ($4.37)
• Washington ($4.36)

The biggest weekly price changes were seen in:

• Ohio (-20.6¢)
• Colorado (-11.0¢)
• Indiana (-8.9¢)
• New Mexico (-8.4¢)
• Iowa (-8.3¢)

For diesel, the most common U.S. price was $3.49 per gallon, down 10 cents from last week. The median U.S. diesel price remained at $3.59 per gallon.

The states with the lowest average diesel prices are:

• Texas ($3.19)
• Oklahoma ($3.28)
• Mississippi ($3.28)

The states with the highest average diesel prices are:

• Hawaii ($5.25)
• California ($5.11)
• Washington ($5.02)

The biggest weekly changes for diesel prices were in:

• Nebraska (-6.8¢)
• Texas (-6.5¢)
• North Carolina (-6.0¢)
• Oklahoma (-6.0¢)
• New Mexico (-5.4¢)