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Oil jumps after Fed cuts rates, gas prices follow

BALTIMORE, MD—For the first time in 8 weeks, the national average price of gasoline edged higher, rising 1.2 cents compared to a week ago, and stands at $3.16 per gallon on Monday, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.

The national average is down 18.8 cents from a month ago and is 67.4 cents per gallon lower than a year ago. The national average price of diesel has fallen 2.1 cents in the last week and stands at $3.55 per gallon.

“With oil prices jumping after the U.S. Federal Reserve cut interest rates by a larger-than-expected half percent, we’ve seen some states where gas prices have inched back up, while others have continued to decline. Most of these increases should be temporary with declines returning in the days and weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition, for California and areas of Nevada and western Arizona, areas that had been left out of the recent drops, refinery issues are improving and gas prices should start moving lower. While the future looks good for gas prices to continue trending lower for most in the weeks ahead, oil’s jump may mute the downside potential just a bit — for now.”

The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $3.09, $3.19, $2.79, and $2.89 rounding out the top five most common prices.

The median U.S. gas price is $3.05 per gallon, up 4 cents from last week and about 11 cents lower than the national average.



The top 10% of stations in the country average $4.43 per gallon, while the bottom 10% average $2.59 per gallon.

The states with the lowest average prices: Mississippi ($2.66), Oklahoma ($2.68), Louisiana ($2.70).

The states with the highest average prices: California ($4.67), Hawaii ($4.54), and Washington ($4.05).

Biggest weekly changes: Ohio (+19.1¢), Michigan (+13.1¢), Indiana (+11.3¢), New Hampshire (-8.1¢), Utah (-8.0¢).

See previous gas price reports here

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

Photo via Pixabay


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