Gas prices drop for second week in a row

BALTIMORE, MD—The national average price of gasoline fell 3.2 cents in the last week to $3.41 per gallon, marking the second consecutive week of decline, according to GasBuddy. This is a 11.6-cent drop from a month ago and a 42.5-cent decline from a year ago.

Diesel prices also fell 3.4 cents in the last week, going to $3.72 per gallon, which is the lowest level since January 2022. The national average price of diesel has reached a 900-day low.

“As summer driving season comes to a gradual close, we continue to see gasoline prices declining in most of the country as demand remains muted,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Incredibly, the drop has also caused diesel fuel prices to crumble to their lowest level since before Russia’s invasion of Ukraine.”

De Haan expects the trend of declining fuel prices to continue into August and reach multi-year lows. However, he cautioned that the downward trend could be short-lived if economic data improves.

“As long as we can avoid a major hurricane threatening refineries in the Gulf region, I believe we could see declines continue into this week, with the national average potentially dipping to its lowest level of the summer,” De Haan said. “However, should economic data come in better than expected, there still could be a short-lived rally. While some states may also see gas prices rise to routine price cycling, primarily in the Great Lakes and Florida, prices across the board remain lower in every state compared to a year ago.”

The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, unchanged from last week, followed by $3.39, $3.29, $3.19, and $3.59 rounding out the top five most common prices.

The median U.S. gas price is $3.34 per gallon, down 3 cents from last week and about 7 cents lower than the national average.

The top 10% of stations in the country average $4.39 per gallon, while the bottom 10% average $2.86 per gallon.

The states with the lowest average prices: Mississippi ($2.92), Oklahoma ($2.96), Louisiana ($2.96).

The states with the highest average prices: Hawaii ($4.58), California ($4.54), and Washington ($4.16).

Biggest weekly changes: Florida (-16.2c), Indiana (-13.2c), New Mexico (+13.0c), Delaware (+10.5c), Michigan (-10.3c).

In and around the Nottingham area, the cheapest gas this week could be found at the following locations:

BJ’s

4201 Wholesale Club Drive

Nottingham, MD

$3.17

Sam’s Club

6410 Petrie Way Road

Rosedale, MD

$3.17

This article was written with the assistance of AI and reviewed by a human editor.

Photo via Pixabay