BALTIMORE, MD—The nation’s average price of gasoline has fallen for the second consecutive week, dipping below the $3.10 per gallon mark, driven largely by seasonal changes and a shift to less expensive winter fuel blends, according to an analysis released Monday.
The average price for a gallon of regular gasoline dropped by 5.8 cents over the last week to settle at $3.09 per gallon, according to data compiled by GasBuddy from more than 150,000 stations nationwide. The national average is now down 11.1 cents from a month ago and is 9.0 cents lower than the price recorded a year ago.
“Gas prices have seen a notable weekly drop in most states as seasonal factors ramp up their impact — namely the switch to cheaper winter gasoline and falling gasoline demand,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
De Haan noted that price cycling markets saw significant declines, particularly in Ohio, Florida, and Michigan. However, Indiana experienced a price cycle that resulted in the largest weekly price increase of any state last week.
Oil Market and Supplies
Oil prices saw a rebound last week amid sanctions and geopolitical tensions but began the new trading week off recent highs. West Texas Intermediate crude oil was trading at $65.19 per barrel, while Brent crude was at $69.67 per barrel.
The oil market is currently monitoring the Organization of the Petroleum Exporting Countries and its allies (OPEC+), which are considering a further increase in supply for November. Analysts suggest this raises the risk of oversupply during the North American winter, a period of typically weaker demand.
Meanwhile, U.S. oil inventories fell by 0.6 million barrels last week, standing about 4% below the seasonal average, according to the U.S. Energy Information Administration (EIA). Gasoline and distillate inventories also saw declines, standing 2% and 8% below their five-year seasonal averages, respectively.
Price Extremes
The states with the lowest average gasoline prices included Oklahoma ($2.53), Mississippi ($2.65), and Louisiana ($2.67).
Conversely, motorists in the West continued to face the highest prices, led by California ($4.64), Washington ($4.54), and Hawaii ($4.41).
The national average price of diesel also decreased slightly, falling 1.3 cents in the last week to an average of $3.652 per gallon.
In and around the Nottingham area, the cheapest gas this week could be found at these locations…
Photo via Pixabay
Please follow and like us:
Disclaimer: This news has been automatically collected from the source link above. Our website does not create, edit, or publish the content. All information, statements, and opinions expressed belong solely to the original publisher. We are not responsible or liable for the accuracy, reliability, or completeness of any news, nor for any statements, views, or claims made in the content. All rights remain with the respective source.