(GasBuddy) The national average price of gasoline on Monday was 3.5 cents lower than the previous week for the fourth straight week, according to GasBuddy® data, which compiles more than 12 million individual price reports from more than 150,000 gas stations nationwide. It came out to $3.55 per gallon. The national average price is 12.0 cents lower per gallon than last month, but 2.2 cents per gallon higher than a year ago. The national average price for diesel fell 3.3 cents last week to $3.86 per gallon, 12 cents lower than a year ago.
Patrick de Haan said: “Good news continues for motorists ahead of Memorial Day, with gas prices falling again and the national average declining as the start of the summer driving season approaches. “This will be the fourth consecutive week of declines.” Head of Petroleum Analysis at GasBuddy. “The good news doesn’t necessarily end there. GasBuddy’s summer travel forecast, released tomorrow, also provides mostly good news for motorists for the rest of the summer, with petrol prices expected to remain at record levels in the coming months. We expect it to remain well below that level and continue its downward trend as we approach July 4th, although the Middle East, hurricane season, refinery maintenance, and other unforeseen disruptions and weather remain wild cards. , things are shaping up to be pretty much favorable for drivers on the roads this summer.”
oil price
Oil prices rose for much of the week last week, but the oil market has given back some of its gains as renewed attention was focused on the death of Iranian President Ebrahim Raisi. In early trading Monday, West Texas Intermediate crude oil fell 52 cents per barrel to $79.56 per barrel, up less than $1 from last Monday’s start of $78.83 per barrel. Brent crude oil was also in the red, falling 40 cents to $83.56 a barrel in early Monday trading. As the Organization of the Petroleum Exporting Countries (OPEC) continues to have sufficient spare capacity, oil prices have remained range-bound, hovering in the high $70s to low $80s in recent weeks, moving away from their set range. is likely to be thwarted.
petroleum and refined products
EIA’s report last week showed oil inventories fell by 2.5 million barrels as refineries ran at more than 90% capacity. While US crude oil inventories decreased by nearly 11 million barrels year-on-year, SPR increased by an additional 600,000 barrels, an increase of 2.3% year-on-year. Gasoline inventories fell by 200,000 barrels, but are still more than 9 million barrels higher than last year. Distillate inventories remained unchanged, up more than 10 million barrels from a year ago. Implicit gasoline demand rose by just 78,000 barrels to 8.88 million barrels, while GasBuddy’s figure was about the same at 8.91 million barrels. Refinery utilization reached 90.4% of capacity, up 1.9 percentage points on the week.
Gas price trends
The most common U.S. gas price motorists encounter remains unchanged from last week at $3.49 per gallon, followed by $3.39, $3.59, $3.69 and $3.29, forming the top five most common prices. I did.
The median gas price in the United States is $3.45 per gallon, unchanged from last week, about 10 cents lower than the national average.
The top 10% of stations in the country have an average price of $5.05 per gallon, and the bottom 10% of stations have an average price of $2.97 per gallon.
States with the lowest average price: Mississippi ($3.00), Oklahoma ($3.03), and Louisiana ($3.07).
The states with the highest average prices are California ($5.14), Hawaii ($4.73), and Washington ($4.54).
Diesel price trends
The most common diesel price in the U.S. is unchanged from last week at $3.99 per gallon, followed by $3.79, $3.69, $3.89, and $3.59 to form the top five most common prices.
The median U.S. diesel price is $3.79 per gallon, unchanged from last week and about 7 cents lower than the national diesel average.
Diesel prices at the nation’s top 10% of gas stations average $4.97 per gallon, while diesel prices at the bottom 10% of stations average $3.26 per gallon.
The states with the lowest average diesel prices are Texas ($3.38), Oklahoma ($3.39), and Louisiana ($3.51).
The states with the highest average diesel prices are Hawaii ($5.51), California ($5.20), and Washington ($4.57).
