BALTIMORE, MD — The national average price of gasoline has decreased for the fifth straight week, falling by 0.7 cents to $3.02 per gallon, according to GasBuddy. This marks the lowest price since May 2021. Compared to last month, the average has dropped by 15.2 cents, and it is 27.6 cents lower than the same time last year.
The drop in gas prices is mainly due to falling oil prices, which reached their lowest point in months last week. However, oil prices began rising again on Monday after Russia’s renewed attacks on Ukraine, which caused significant damage to Ukraine’s power grid.
Despite this small rise in oil prices, GasBuddy forecasts that the national average gas price will likely fall below $3 per gallon by Thanksgiving. As of now, 28 states are already reporting prices under this threshold.
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that a “gas price cycle” occurred in several states last week. Gas prices briefly spiked after falling below the replacement price at some stations. This temporary rise helped balance out the overall national trend, leading to little overall change in the average price.
Meanwhile, the median price for gas in the U.S. remained steady at $2.91 per gallon.
Diesel prices also saw a slight decline, dropping 0.4 cents to $3.516 per gallon.
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