BALTIMORE, MD—According to data released on Tuesday by GasBuddy, the price of gas has fallen by 4.6 cents in the last week and is now $3.28 per gallon.

This is the fifth consecutive week of depreciation. The national average price of gas has fallen by 17.9 cents in the last month and is 48.9 cents per gallon lower than a year ago. The average price of diesel has also fallen by 0.2 cents in the last week and stands at $3.65 per gallon, which is also a multi-year low.

“Motorists rejoice! The national average price of gasoline prices has continued to slump for the fifth straight week. With the summer driving season now over, we have much to look forward to for the fall: more drops at the pump as demand drops seasonally, and the changeover to cheaper winter gasoline is just two weeks away,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As long as we don’t see a major hurricane head into the Gulf and the situation improves in the Middle East, the national average could fall below $3 in the next two months—GasBuddy is already tracking eight states at that level or lower. While diesel prices fell slightly last week, they may rise with winter growing closer and the economy’s likely rebound ahead of the Fed’s expected rate cut. So, while it’s great news for gas prices, diesel will likely soon see its seasonal rise kick in.”

The drop in gas prices is being attributed to a number of factors, including reduced demand as the summer travel season comes to a close and concerns over the future of the bill at the pump. The national average price of gas is expected to continue to drop in the coming weeks as demand remains low and prices for winter gasoline begin to rise.

The most common U.S. gas price encountered by motorists stood at $3.19 per gallon, unchanged from last week, followed by $3.29, $2.99, $3.09, and $3.39 rounding out the top five most common prices.

The median U.S. gas price is $3.19 per gallon, down 2 cents from last week and about 9 cents lower than the national average.

The top 10% of stations in the country average $4.42 per gallon, while the bottom 10% average $2.69 per gallon.

The states with the lowest average prices: Texas ($2.81), Mississippi ($2.81), Oklahoma ($2.82).

The states with the highest average prices: Hawaii ($4.58), California ($4.58), and Washington ($4.11).

Biggest weekly changes: Indiana (-11.9¢), Kentucky (-7.6¢), Tennessee (-7.4¢), Texas (-7.3¢), Michigan (-7.1¢).

See previous gas price reports here

In and around the Nottingham area, the cheapest gas this week could be found at these locations.

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

Photo via Pixabay