BALTIMORE, MD—The national average price for gasoline has fallen to $3.15 per gallon, marking the lowest Labor Day average since 2020, according to data released Tuesday by GasBuddy.
The price is down 3.4 cents from a week ago and 13.1 cents per gallon lower than a year ago, the company said. This summer was the most affordable at the pump since 2021, with Americans spending $11.3 billion less on gasoline compared to last year.
“While summer may be in the rearview mirror, low gas prices aren’t going anywhere anytime soon,” said Patrick De Haan, head of petroleum analysis at GasBuddy. He noted that the national average could dip to under $3 per gallon this fall, barring any major disruptions.
The dip comes despite oil prices seeing a slight increase over the last week due to concerns over the Russia-Ukraine conflict and potential production freezes by OPEC+. West Texas Intermediate crude oil was up more than $1 per barrel to $65.05.
According to a weekly report from the Energy Information Administration, U.S. oil inventories fell by 2.4 million barrels last week, while gasoline and diesel inventories also declined. However, refinery utilization remains high at 94.6%.
The most common price for gasoline across the country is $2.99 per gallon, unchanged from the previous week. The states with the lowest average prices are Mississippi ($2.69), Oklahoma ($2.70), and Arkansas ($2.73). California has the highest average at $4.57, followed by Hawaii at $4.43.
The price of diesel, however, increased by 1.4 cents per gallon over the last week to an average of $3.665.
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
Photo via Pixabay
