BALTIMORE, MD—According to recent data released by GasBuddy, the national average price of gasoline has fallen by 3.5 cents in the last week, dropping to $3.44 per gallon on Monday. This is a 5.6-cent drop from a month ago and a 37.2-cent decline when compared to a year ago.

Diesel prices have also continued to drop, by 2.3 cents in the last week, reaching $3.76 per gallon on August 5, 2024. This is a 39-cent decrease when compared to a year ago.

“With oil prices plummeting due to new concerns over the U.S. economy after a poor jobs report, gasoline prices have seen downside in many states, with potential for more to join that trend this week as previous refinery disruptions in the Great Lakes region fade away and the restart process begins,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Diesel prices have also continued to drop, and while Tropical Storm Debby drops buckets of rain on Florida and the Southeast, it poses low risk to refineries or refined product pipelines, so the storm is not a major concern. With the Middle East on alert after Israel’s attacks on Hamas and Hezbollah, there could be an impact on oil prices; however, with an inability to predict the outcome, I for now expect gasoline prices in most states to gently decline in the week ahead, with the Middle East situation being a wildcard.”

The decline in oil prices has been welcomed by consumers and businesses alike. The lower cost of gasoline and diesel is expected to provide relief to families and businesses, and boost economic growth. However, experts caution that the supply of oil remains limited, and rising demand could put pressure on prices in the future.

The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, up 10 cents from last week, followed by $3.39, $3.29, $3.19, and $3.59 rounding out the top five most common prices.

The median U.S. gas price is $3.37 per gallon, down 2 cents from last week and about 7 cents lower than the national average.

The top 10% of stations in the country average $4.46 per gallon, while the bottom 10% average $2.87 per gallon.

The states with the lowest average prices: Mississippi ($2.90), Louisiana ($2.97), Oklahoma ($3.00).

The states with the highest average prices: Hawaii ($4.58), California ($4.57), and Washington ($4.15).

Biggest weekly changes: Ohio (-11.1c), Michigan (-10.2c), Texas (-9.2c), Maryland (-8.3c), Illinois (-7.5c).

See previous gas price reports here

In the Baltimore metro area, the cheapest gas this week could be found at the following locations:

Photo via Pixabay

This article was written with the assistance of AI and reviewed by a human editor.