10 Straight Weeks Of Falling Gas Prices

For the 10th consecutive week, the nation’s average price of gasoline has decreased, dropping by 5.8 cents from the previous week to $3.21 per gallon, as reported by GasBuddy. This information is based on data compiled from over 12 million individual price reports covering more than 150,000 gas stations across the country. The national average is now 26.0 cents lower than a month ago and 30.3 cents per gallon lower than the same time last year.

The national average price of diesel has also fallen, decreasing by 5.2 cents in the last week to $4.22 per gallon. This is $1.00 lower than the price one year ago.

In terms of oil prices, for the fifth consecutive week, oil prices closed lower, with West Texas Intermediate crude oil losing a few pennies. On Monday, amidst anxiety over OPEC’s upcoming virtual meeting, WTI was off 65 cents in early trade to $74.89, down from last Monday’s start at $77.60. Brent crude oil also saw a decline in early Monday trade, dropping 63 cents to $79.95 per barrel, compared to the previous week’s start at $82.37 per barrel. The focus is on OPEC’s delayed meeting this week, with potential impacts on oil markets.

The Energy Information Administration’s report from last week revealed an 8.7 million barrel increase in crude oil inventories, reaching 448 million barrels. Gasoline inventories increased by 700,000 barrels, while distillate inventories fell by a million barrels. Implied gasoline demand dropped by 469,000 bpd, and refinery utilization increased to 87.0%.

According to GasBuddy’s demand data, U.S. retail gasoline demand decreased by 2.6% for the week ending November 25. GasBuddy models U.S. gasoline demand at 8.304 million barrels per day.

Gas price trends show the most common U.S. gas price at $2.99 per gallon, unchanged from last week. The median U.S. gas price is $3.04 per gallon, down 5 cents from last week. The top 10% of stations average $4.68 per gallon, while the bottom 10% average $2.55 per gallon. The states with the lowest average prices are Texas ($2.66), Mississippi ($2.71), and Oklahoma ($2.73). The states with the highest average prices are California ($4.86), Hawaii ($4.67), and Washington ($4.33).

In diesel price trends, the most common U.S. diesel price is $3.99 per gallon, unchanged from last week. The median U.S. diesel price is $4.09 per gallon, down 9 cents from last week. The top 10% of stations average $5.39 per gallon, while the bottom 10% average $3.51 per gallon. The states with the lowest average diesel prices are Texas ($3.63), Mississippi ($3.73), and Louisiana ($3.79). The states with the highest average diesel prices are California ($5.83), Hawaii ($5.66), and Washington ($5.17).

GasBuddy is the authoritative source for gas prices, providing station-level data updated 288 times every day from nearly 150,000 stations nationwide. The data is accessible at http://prices.GasBuddy.com.