The nation’s average price of gasoline has fallen 0.8 cents over the last week and stands at $4.05 per gallon, 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 28.5 cents from a month ago and is 93.6 cents per gallon higher than a year ago. The national average price of diesel rose 7.1cents in the last week and stands at $5.326 per gallon.
“Average gasoline prices were a mixed bag across the country last week as oil markets went on a wild ride, surging on geopolitical tensions before pulling back Sunday night after President Trump signaled a potential deal may be in the works,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, even as oil prices ease on deal optimism, continued Ukrainian attacks on Russian oil infrastructure are driving refined product prices higher as output plummets, keeping upward pressure on what Americans pay at the pump. By later this week, the national average could reach its highest level ever recorded for this point in the calendar year, a sobering milestone even as prices remain well below the all-time record set in 2022. Motorists should keep a close eye on developments both in the Middle East and in Ukraine, as either front could quickly shift the outlook.”
OIL MARKET DYNAMICS
Oil prices tumbled again to start the week as fresh optimism over a potential U.S.-Iran deal to reopen the Strait of Hormuz sent crude sharply lower, with President Trump pausing a planned military strike on Iran over the weekend following appeals from Saudi Arabia, the UAE, Qatar, and Iran itself, and reports emerging that a framework agreement could be signed as early as Friday. The Strait of Hormuz remains largely closed with tankers still being attacked and forced to turn back, but markets are increasingly pricing in a near-term resolution—a dynamic that has caused crude to whipsaw violently in both directions throughout this five-month conflict. In early Monday trade, WTI was down $5.73 to $78.94 per barrel, well below last Monday’s $83.89, while Brent fell $4.98 to $82.95, compared to $90.42 a week ago, with both benchmarks now having surrendered nearly all of last week’s war-premium gains and approaching the lows seen in the immediate aftermath of the original June MOU. “Oil prices remain highly influenced by geopolitical developments. Last week, concerns over escalating tensions in the Middle East supported prices. However, following President Trump’s de-escalatory social media post over the weekend, concerns of near-term supply disruptions have eased, causing oil prices to fall sharply at the start of the week,” said Giovanni Staunovo, UBS commodities analyst, in an email.
OIL AND REFINED PRODUCT SUPPLIES
The EIA’s Weekly Petroleum Status Report for the week ending July 24, 2026, showed U.S. commercial crude oil inventories fell by 7.2 million barrels and are about 7% below the five-year average for this time of year, while the SPR fell 3.8 million barrels to 307.7 million barrels. Gasoline inventories were essentially unchanged and are about 6% below the five-year seasonal average, while distillate inventories rose by 1.1 million barrels and are about 9% below the five-year seasonal average. Refinery utilization rose 1.1 percentage points to 97.2%, while implied gasoline demand, the EIA’s proxy for retail demand, rose 94,000 bpd to 9.041 million barrels per day.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists was $3.69 per gallon, down 20 cents from a week ago, followed by $3.79, $3.99, $3.89, and $4.29, rounding out the top five most common prices.
The median U.S. gas price is $3.89 per gallon, down 2 cents from last week and about 16 cents lower than the national average.
The top 10% of stations in the country average $5.33 per gallon, while the bottom 10% average $3.40 per gallon.
The states with the lowest average prices: Texas ($3.55), Indiana ($3.61), and Mississippi ($3.62).
The states with the highest average prices: California ($5.62), Hawaii ($5.40), and Washington ($5.10).
Biggest weekly changes: Ohio (+22.2¢), Michigan (+15.5¢), Indiana (+13.5¢), Florida (−12.7¢), Texas (−11.0¢).
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $4.99 per gallon, unchanged from last week, followed by $4.89, $4.79, $4.69, and $4.95, rounding out the top five most common prices.
The median U.S. diesel price is $5.27 per gallon, up 8 cents from last week and about 6 cents lower than the national average.
Diesel prices at the top 10% of stations in the country average $5.92 per gallon, while the bottom 10% average $4.74 per gallon.
The states with the lowest average diesel prices: Oklahoma ($4.78), Kansas ($4.86), and Missouri ($4.89).
The states with the highest average diesel prices: Hawaii ($6.93), California ($6.91), and Washington ($6.14).
Biggest weekly changes: Ohio (+27.3¢), Michigan (+19.9¢), Utah (+17.7¢), Idaho (+16.1¢), New Mexico (+15.8¢).