Nationwide — For the sixth week in a row, the average price of gasoline in the United States has declined, falling 7.2 cents over the past week to $3.22 per gallon, according to the latest data from GasBuddy®. This marks a 22.5-cent decrease from a month ago and a significant 58.8-cent drop from the same time last year. The national average price for diesel also saw a decrease, down 4.5 cents to $3.62 per gallon, the lowest level since early 2022.
Patrick De Haan, head of petroleum analysis at GasBuddy, commented on the trend, “Gas prices have now dropped to their lowest since winter, with 11 states and over 45,000 stations reporting prices below $3 per gallon. With oil prices falling below $70 per barrel, the trend is likely to continue. We could see the national average dip below $3 per gallon as early as October, a development that would benefit both motorists and politicians facing elections this fall.”
Oil Market Update
Last week, oil prices saw a notable decline, dropping around 8% to their lowest levels since 2021. Economic concerns, including a weaker-than-expected jobs report and worries about a slowdown in both the U.S. and China’s economies, contributed to the drop. Despite OPEC+ members delaying plans to increase oil production, the market saw little rebound. As of early Monday, WTI crude futures were up 73 cents to $68.40 per barrel, while Brent crude rose 66 cents to $71.72 per barrel.
Oil and Refined Products
The Energy Information Administration (EIA) reported a 6.9 million barrel decrease in oil inventories last week, with a 1.8 million barrel increase in the Strategic Petroleum Reserve (SPR). Domestic crude oil production remained steady at 13.3 million barrels per day. Gasoline inventories increased by 800,000 barrels, while distillates dropped by 400,000 barrels. Implied gasoline demand fell by 369,000 barrels to 8.94 million per day, and refinery utilization held at 93.3%.
Fuel Demand and Pricing Trends
GasBuddy’s Pay with GasBuddy™ fuel card data shows a 3.8% decline in U.S. retail gasoline demand for the week ending September 7. The most common gas prices nationwide are now $2.99 per gallon, followed by $3.09, $3.19, $3.29, and $2.89. The median gas price is $3.09 per gallon, 10 cents lower than last week and about 13 cents below the national average.
Diesel prices also saw a decrease, with the most common diesel price at $3.49 per gallon, down 10 cents from the previous week. The median diesel price stands at $3.49 per gallon, 8 cents lower than last week.
Regional Highlights
- Lowest Gas Prices: Oklahoma ($2.73), Mississippi ($2.74), Louisiana ($2.77)
- Highest Gas Prices: California ($4.62), Hawaii ($4.61), Washington ($4.08)
- Biggest Weekly Changes: Ohio (-16.8¢), Florida (-14.5¢), Michigan (-11.8¢)
- Lowest Diesel Prices: Oklahoma ($3.12), Texas ($3.13), Mississippi ($3.25)
- Highest Diesel Prices: Hawaii ($5.32), California ($4.87), Washington ($4.38)
- Biggest Weekly Changes: Florida (-8.3¢), Louisiana (-8.0¢), New Mexico (-7.8¢)
As gas and diesel prices continue to fall, motorists and policymakers alike are hopeful for sustained relief at the pump in the coming months.
