BALTIMORE, MD—The national average gas price in the U.S. fell for the third straight week, dropping 2.2 cents to $3.05 per gallon, according to GasBuddy. This decline brings the national average down 11.8 cents over the past month and 34.5 cents lower than a year ago.

According to GasBuddy, the national average price of diesel has also decreased, falling 1.3 cents to $3.52 per gallon, marking the lowest level since October 16, 2021.

“Seasonal trends continue to push down gasoline prices across much of the country, with GasBuddy counting 26 states where average gas prices have fallen below $3 per gallon,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Something that could be less than a week away for the national average.”

De Haan added that while much of the attention this week will be on the election and its potential impact on the nation’s trajectory, gasoline prices are likely to remain lower than in previous years, regardless of the outcome. The current low gas prices are unlikely to repeat the surge caused by COVID-19 and the Russia-Ukraine conflict, regardless of the election outcome.

Looking at oil prices, after several weeks of volatility, they have found some stability, hovering around $70 per barrel. OPEC’s decision to delay its restoration of oil production to January has contributed to this stability, pushing the easing of 2023’s production cuts another month down the road.

In the U.S., last week’s report from the EIA showed a decline of 500,000 barrels in crude oil inventories, which are about 4% below the five-year average for this time of year. Gasoline inventories dropped by 2.7 million barrels, about 3% below the five-year average.

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.