For the third straight week, the national average price of gasoline has climbed, increasing by 5.0 cents from last week to $3.45 per gallon, according to GasBuddy® data from over 150,000 gas stations nationwide. Despite the recent rise, the national average is still down 6.0 cents from a month ago and 5.4 cents lower than the same time last year. The national average price of diesel has also seen a slight increase, rising 1.4 cents in the past week to $3.77 per gallon, which is 4 cents lower than a year ago.
“As we approach July 4 later this week, motorists have seen the national average price of gasoline inch up ever so slightly for the third straight week,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the increases have been fairly tame, with oil continuing to hold above $80 per barrel, we could continue to see the national average climb slightly. Other areas that see price cycling saw prices shoot up early in the week, but those areas are now starting to see prices fall back down. For many Americans hitting the road for the July 4 holiday, prices in most areas are very comparable to what we saw last July 4. However, with Hurricane Beryl now formed in the Caribbean, we’re reminded that gas prices could experience some jolts in the second half of the summer should a storm threaten refining capacity in Texas or Louisiana.”
Oil Prices
Crude oil prices have seen modest fluctuations over the past week, with a slight increase due to tighter global inventories. As of Monday morning, WTI crude oil prices rose 57 cents to $82.11 per barrel, up from $80.93 per barrel last week. Brent crude oil also saw an increase, up 66 cents to $85.66 per barrel from $85.46 per barrel last Monday. Tensions in the Middle East, particularly between Israel and Hezbollah, have contributed to bets on higher prices. Additionally, JPMorgan forecasts a global oil deficit of 1 million barrels per day in the third quarter, with drawdowns approaching 2 million barrels in August, which may add upward pressure on oil prices as hurricane season intensifies.
Oil and Refined Products
The latest report from the EIA indicated a 3.6 million barrel rise in crude oil inventories, with the Strategic Petroleum Reserve (SPR) increasing by 1.3 million barrels. Domestic crude oil production remained steady at 13.2 million barrels per day. Gasoline inventories saw a rise of 2.7 million barrels, while distillates fell by 400,000 barrels. Refinery utilization dropped by 1.3 percentage points to 92.2%, and implied gasoline demand fell by 417,000 barrels to 8.97 million.
Fuel Demand
GasBuddy’s Pay with GasBuddy™ data revealed a 1.1% decrease in U.S. retail gasoline demand for the week ending June 29. Regional demand breakdown showed a 2.0% drop in PADD 1, a 1.5% drop in PADD 2, a 0.5% rise in PADD 3, a 1.2% drop in PADD 4, and a 0.3% drop in PADD 5. GasBuddy models U.S. gasoline demand at 8.794 million barrels per day.
Gas Price Trends
- Most Common Prices: $3.29 per gallon, unchanged from last week, followed by $3.39, $3.19, $3.49, and $3.59.
- Median Price: $3.35 per gallon, up 6 cents from last week and about 10 cents lower than the national average.
- Top 10% Stations: Average $4.56 per gallon.
- Bottom 10% Stations: Average $2.91 per gallon.
States with Lowest Average Prices
- Mississippi: $2.90
- Louisiana: $2.94
- Oklahoma: $3.00
States with Highest Average Prices
- California: $4.73
- Hawaii: $4.65
- Washington: $4.26
Sunoco on Leistville in Pickaway County is the cheapest at 3.15 per gallon.
Stay informed on the latest gas price trends and updates by visiting OHGO.com or following ODOT District 6 on Facebook or Twitter.
