BALTIMORE, MD—After weeks of decline, the national average gas price has seen a slight uptick, according to GasBuddy. The national average price for a gallon of gas rose by 0.8 cents to reach $2.98 per gallon, the first increase since October. The national average diesel price fell 1.8 cents last week, now standing at $3.472 per gallon.

This increase is attributed to price cycling in the Great Lakes region, where prices saw a significant jump after a period of decline. Despite the uptick, the national average remains 7.5 cents lower than last month and 7.1 cents lower than this time last year.

Patrick De Haan, head of petroleum analysis at GasBuddy, explained that the decline in gas prices is typically slowing down as the year approaches its end. “With oil prices rising back above $70 last week, gas prices may have less potential to drop much further,” De Haan said.

However, he suggested that there might be another opportunity for lower prices in January or February, although it might not be long-lasting.

The recent rise in oil prices, which surpassed $70 per barrel last week, is contributing to the stabilization of gas prices. Reports of the EU imposing sanctions on over 40 vessels involved in exporting Russian oil, along with similar considerations by the U.S., are providing support to crude oil prices.

Despite the increase in gas prices, some states, particularly on the West Coast, including California, are expected to see prices continue to decrease.

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

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

Photo via Pixabay