For the first time since February, the nation’s average price of gasoline has seen a weekly drop, falling 1.9 cents from a week ago to $3.63 per gallon today, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is up 8.4 cents from a month ago and 4.3 cents per gallon lower than a year ago. The national average price of diesel has fallen 2.9 cents in the last week and stands at $3.98 per gallon—13 cents lower than one year ago.
“With more confidence every day, it appears the spring top is in: average gas prices have started to cool off in many areas. For now, few Americans need to worry that gas prices are going to skyrocket; the risk appears to be behind us, with relief coming in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the latter half of the summer could potentially see hurricane-related issues, I do sense we’ve hit the top for now, and Americans should be optimistic that this summer will be very similar to last year, in line with our early 2024 expectations and likely not featuring record gasoline prices. I’m quite excited the seasonal rise in gas prices appears to be over.”
OIL PRICES
With varying economic news over the last week, oil prices have been somewhat volatile, trading slightly below $80 per barrel before rallying back to $84 to close the week out. However, with some news of a potential cease-fire between Israel and Hamas, oil has given up some of the recent rally. In early Monday trading, WTI crude oil was down 60 cents to $83.25 per barrel, slightly lower than last Monday’s $82.68 per barrel start. Brent crude oil was also in the red to start this week, falling 78 cents to $88.72 per barrel, down nearly $1 from last Monday’s $89.69 per barrel start. A Hamas delegation is expected to convene in Cairo today to discuss Israel’s response to a cease-fire, which could help put some downward pressure on oil, should a deal be signed, as risk to oil supplies would likely lower. U.S. Secretary of State Antony Blinken will be in Saudi Arabia today, traveling to Israel and Jordan Tuesday.
OIL AND REFINED PRODUCTS
Last week’s report from the EIA showed a larger-than-expected 6.4 million barrel decline in crude oil inventories, which is 3% below the five-year average, while the SPR rose 800,000 barrels to 365.7 million barrels. Gasoline inventories fell 600,000 barrels, and are 4% below the five-year average, while distillate inventories rose 1.6 million barrels and are 7% below the five-year average. Refinery utilization rose 0.4 percentage points to 88.5% of capacity. Implied gasoline demand, EIA’s proxy for measuring retail consumption fell 239,000 barrels per day to 8.42 million, one of the weakest figures for April in years.
FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a drop of 0.5% for the week ending April 27 (Sun-Sat). Broken down by PADD region, demand fell 1.2% in PADD 1, fell 0.6% in PADD 2, rose 1.8% in PADD 3, fell 3.7% in PADD 4, and fell 0.2% in PADD 5. GasBuddy models U.S. gasoline demand at 8.794 million barrels per day for the week ending April 27.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.59 per gallon, unchanged from last week, followed by $3.39, $3.29, $3.49, and $3.69 rounding out the top five most common prices.
The median U.S. gas price is $3.49 per gallon, unchanged from last week and about 14 cents lower than the national average. The top 10% of stations in the country average $5.11 per gallon, while the bottom 10% average $3.00 per gallon. The states with the lowest average prices: Mississippi ($3.03), Oklahoma ($3.06), Colorado ($3.07).
The states with the highest average prices: California ($5.35), Hawaii ($4.79), and Washington ($4.64).
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.99 per gallon, unchanged from last week, followed by $3.89, $3.79, $3.69, and $3.59 rounding out the top five most common prices.
The median U.S. diesel price is $3.89 per gallon, unchanged from last week and about 9 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $5.00 per gallon, while the bottom 10% average $3.38 per gallon.
The states with the lowest average diesel prices: Colorado ($3.50), Texas ($3.55), and Oklahoma ($3.57).
The states with the highest average diesel prices: Hawaii ($5.63), California ($5.37), and Washington ($4.65).