BALTIMORE, MD—The national average price of gasoline has fallen for the third straight week, reaching its lowest point for March since the pandemic, according to GasBuddy.
The average price for a gallon of gas is now $3.03, down 0.6 cents from last week and 8.9 cents from a month ago. This marks a significant decrease of 36.7 cents per gallon compared to the same time last year.
Patrick De Haan, head of petroleum analysis at GasBuddy, attributes the falling prices to a combination of factors, including the lingering impact of the pandemic and uncertainty surrounding tariffs. “The average price of gasoline in the U.S. hasn’t been this low in March since 2021, when the pandemic significantly reduced demand and kept prices suppressed,” De Haan said.
Concerns about the economy’s direction and the potential impact of tariffs on oil prices are also contributing to the price drop. Additionally, OPEC+’s announcement last week regarding a gradual increase in oil production starting in April has further pressured oil prices downward.
As a result, the typical seasonal rise in gas prices has yet to materialize, and De Haan suggests that it may be considerably smaller than expected if and when it does occur.
Last week, the Energy Information Administration reported that crude oil inventories increased by 3.6 million barrels and domestic U.S. oil production rose to 13.508 million barrels per day.
The decline in gas prices is reflected across the country, with the most common gas price encountered by motorists being $2.99 per gallon. The median U.S. gas price is $2.89 per gallon, about 14 cents below the national average.
Diesel prices have also decreased, falling 2.1 cents in the last week to reach a national average of $3.608 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
This article was written with the assistance of AI and reviewed by a human editor.
Photo via Pixabay
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