BALTIMORE, MD—The national average gas price in the U.S. saw a slight increase this week, climbing 3.3 cents to reach $3.16 per gallon, according to GasBuddy data. This rise, attributed to the recent attack on Israel by Iran, is countered by a decline in oil prices, which could lead to a price drop in the coming weeks.

Patrick De Haan, head of petroleum analysis at GasBuddy, explained that the impact of Iran’s attack is gradually being felt at gas pumps, while the situation in Florida, where Tropical Storm Milton has left a third of stations without gas, is not currently affecting national prices. However, De Haan anticipates an improvement in Florida’s situation and a potential decline in gas prices in the weeks ahead, with a chance of seeing the national average drop below $3 per gallon for the first time since 2021.

Oil prices, which surged initially due to the attack, have begun to decline slightly as concerns over China’s economy resurface. The Chinese finance minister suggested that monetary stimulus measures have not effectively boosted the economy, prompting OPEC to revise down its demand forecast for crude oil.

Last week’s report from the EIA revealed a 5.8 million barrel increase in oil inventories, while gasoline inventories saw a significant 6.3 million barrel decrease, placing them 4% below the five-year average. U.S. retail gasoline demand, according to GasBuddy’s Pay with GasBuddy data, experienced a 7.9% drop for the week ending October 12.

Despite the recent increase, the national average gas price remains unchanged from a month ago and is 41.8 cents lower than a year ago. The most common gas price encountered by motorists was $2.99 per gallon, while the median gas price was $3.07 per gallon.

See previous gas price reports here

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

• Bowleys Quarters
• Carney
• Edgewood
• Essex
• Fallston
• Joppa
• Kingsville
• Middle River
• Nottingham
• Overlea/Fullerton
• Parkville
• Perry Hall
• Rosedale
• Rossville
• Towson
• White Marsh

Photo via Pixabay

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