BALTIMORE, MD—The national average price of gas has declined for the fifth straight week, falling 0.7 cents to $3.02 per gallon, according to GasBuddy. This marks the lowest level since May 2021. The national average decreased by 15.2 cents from the previous month and is 27.6 cents lower than a year ago.

The decline in gas prices is attributed to a decrease in oil prices, which fell to their lowest level in months last week. However, oil prices began to climb on Monday due to renewed attacks on Ukraine by Russia, which caused significant damage to the country’s power system.

Despite the slight uptick in oil prices, GasBuddy predicts that the national average gas price will likely fall below $3 per gallon by Thanksgiving. Currently, 28 states are already reporting gas prices below this level.

Patrick De Haan, head of petroleum analysis at GasBuddy, explained that several states experienced a “gas price cycle” last week, where prices surged after falling below a station’s replacement price. This behavior offset the decline in other states, leading to little change in the national average.

The median U.S. gas price remained unchanged at $2.91 per gallon.

Diesel prices also saw a slight decline, falling 0.4 cents to $3.516 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.