Gas prices dip for third straight week

BALTIMORE, MD—For the third straight week, the nation’s average price of gasoline has declined. According to GasBuddy data from August 19, 2024, the average price of gasoline in the United States decreased by 4.2 cents compared to the previous week, reaching $3.37 per gallon.

This represents a 11.4 cent drop from a month ago. Compared to a year ago, the national average price of diesel has fallen 47.8 cents per gallon to $3.69 per gallon, the lowest level in 940 days.

“Gasoline and diesel prices continue to trail off across much of the country as summer demand fades away,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Lower demand in other oil-consuming nations is also helping to lead the downward pressure on pump prices as we approach Labor Day.”

De Haan expects the downward trend to continue into the next week and the gas prices are likely to continue to ease as schools reopen for the new semester.

The recent drop in gas prices has been welcomed by drivers, who have been burdened by the high cost of fuel for months. The national average price of diesel has fallen 2.6 cents in the last week and stands at $3.69 per gallon–the lowest level in 940 days.

The outlook for gas prices remains uncertain as economic concerns persist in the markets and the potential for further attacks in the Middle East could impact oil prices.

The most common U.S. gas price encountered by motorists stood at $3.29 per gallon, down 20 cents from last week, followed by $3.39, $3.19, $3.09, and $3.49 rounding out the top five most common prices.

The median U.S. gas price is $3.28 per gallon, down 6 cents from last week and about 9 cents lower than the national average.

The top 10% of stations in the country average $4.48 per gallon, while the bottom 10% average $2.83 per gallon.

The states with the lowest average prices: Mississippi ($2.91), Oklahoma ($2.92), Texas ($2.97).

The states with the highest average prices: Hawaii ($4.59), California ($4.52), and Washington ($4.14).

Biggest weekly changes: Indiana (-12.7c), Ohio (-12.7c), Michigan (-11.2c), Illinois (-10.5c), Delaware (-9.5c).

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

7-Eleven

1020 Gateway Rd

Edgewood, MD

$3.05

BP

1712 Pulaski Highway

Edgewood, MD

$3.11

BJ’s

4201 Wholesale Club Dr

Nottingham, MD

$3.15

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

Photo via Pixabay