(LOOTPRESS) – Gas prices across the United States continued to fall for the second week in a row, according to new data from GasBuddy.
The national average price of gasoline dropped 5.3 cents compared to last week, landing at $3.09 per gallon.
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That’s 1.1 cents lower than a month ago and 37.4 cents cheaper than the same time last year. Diesel prices also declined, falling 3.2 cents to a national average of $3.644 per gallon.
“Nearly every state saw average gas prices decline for the second straight week, even as the nation celebrated July 4 with the lowest national average for Independence Day since 2020,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“That downward momentum may continue, as OPEC’s weekend decision to boost production by a larger-than-expected 548,000 barrels per day in August adds further pressure to oil prices — potentially accelerating supply builds.”
“If tensions in the Middle East remain contained and the Gulf is spared from major hurricanes, the odds are improving that the national average could dip below $3 per gallon later this summer, but in the meantime, we could see the national average falling to its lowest summer level since the pandemic.”
Oil prices remained steady after OPEC’s decision to increase production.
West Texas Intermediate (WTI) crude was trading at $67.02 early Monday, up slightly from $65.44 the previous week. Brent crude was up 46 cents at $68.76 per barrel, compared to $67.74 a week earlier.
U.S. oil inventories rose by 3.8 million barrels in the week ending June 27, according to the U.S. Energy Information Administration.
Gasoline inventories increased by 4.2 million barrels, while distillate inventories fell by 1.7 million barrels.
Refinery utilization edged up to 94.9%. However, implied gasoline demand dropped significantly by 1,048,000 barrels per day, falling to 8.64 million bpd.
The most common gas price across the U.S. was $2.99 per gallon, unchanged from the previous week.
Other frequently seen prices included $2.89, $2.79, $3.09, and $3.19. The median price stood at $2.99, about 10 cents below the national average.
The highest average state prices were found in California ($4.50), Hawaii ($4.48), and Washington ($4.34). The lowest were in Oklahoma ($2.63), Texas ($2.65), and Mississippi ($2.66).
States with the biggest weekly drops included Indiana (-12.0¢), Ohio (-11.7¢), and Michigan (-10.8¢).
Diesel prices also showed a downward trend. The most common price was $3.49 per gallon, down 20 cents from last week. The median price was $3.55, which is about 9 cents below the national average.
Top diesel prices were recorded in Hawaii ($5.26), California ($5.09), and Washington ($4.91), while the lowest averages were in Texas ($3.14), Mississippi ($3.24), and Louisiana ($3.24).
The biggest weekly changes included Florida (-9.0¢), Colorado (-8.0¢), and Idaho (+8.5¢).
