U.S. Gasoline Prices Continue To Decline As Diesel Also Falls

For the fourth consecutive week, the average gasoline price in the United States has continued its decline, dropping by 11.3 cents from the previous week to reach $3.55 per gallon, according to data compiled by GasBuddy from over 11 million individual price reports covering 150,000 gas stations nationwide. The national average gasoline price is now 29.9 cents lower than one month ago and 30.9 cents less than the price a year ago.

Moreover, the national average price of diesel has fallen by 5.8 cents in the past week, standing at $4.48 per gallon, which is 55.2 cents lower compared to one year ago.

Patrick De Haan, the head of petroleum analysis at GasBuddy, noted that the declining trend in gasoline prices has gained momentum, with virtually all regions and states witnessing decreases. De Haan anticipates further declines in gasoline prices, though he remains cautious about unforeseeable factors, primarily the ongoing conflict in the Middle East. He mentioned that the national average is likely to reach its lowest level in six months and suggested that there could be a further decline of 15-35 cents, depending on the situation.

Regarding oil prices, the market has experienced significant volatility in response to escalating tensions in the Middle East, particularly Israel’s preparations for a movement into Gaza. While the oil market has cooled somewhat, it remains susceptible to further activity in the upcoming week.

GasBuddy’s demand data, driven by its Pay with GasBuddy fuel card, showed a 0.5% increase in U.S. retail gasoline demand for the week ending October 14. Demand varied across different Petroleum Administration for Defense District (PADD) regions, with PADD 2 experiencing a 0.6% rise, while PADD 4 saw a 1.0% decrease.

In terms of gas prices, the most common price was $3.19 per gallon, followed by $3.29, $3.39, $2.99, and $3.09. The median U.S. gas price is $3.34 per gallon, and the top 10% of stations average $5.39 per gallon, while the bottom 10% average $2.86 per gallon.

As for diesel prices, the most common price was $4.29 per gallon, with the median U.S. diesel price at $4.27 per gallon. Diesel prices in the top 10% of stations averaged $5.82 per gallon, while the bottom 10% averaged $3.80 per gallon.

The states with the lowest average gas prices included Texas ($3.03), Georgia ($3.04), and Mississippi ($3.04), while California ($5.60), Washington ($4.87), and Nevada ($4.76) had the highest average prices.

For diesel, the states with the lowest average prices were Texas ($3.94), Mississippi ($4.02), and Louisiana ($4.07), while California ($6.29) and Hawaii ($5.70) had the highest average diesel prices.