Gas Prices See Weekly Rise in Most States as Oil Prices Rise, Supplies Fall

The nation’s average price of gasoline has returned to a rise after just one week, climbing 6.1 cents compared to a week ago and stands at $3.14 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 1.9 cents from a month ago and is 41.0 cents per gallon lower than a year ago. The national average price of diesel has increased 2.9 cents in the last week and stands at $3.502 per gallon.

“Gasoline prices jumped in over three-quarters of U.S. states over the last week, as oil prices surged following President Trump’s decision to reduce tariffs and strike new trade deals—moves that inspired optimism that a major tariff-induced economic slowdown might be avoided,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to gains in price-cycling markets, rising oil prices—fueled by economic optimism and tightening gasoline inventories—contributed to broader upward pressure on prices. While Americans are still seeing significant savings compared to a year ago, that gap has narrowed as oil prices have rebounded. As we approach Memorial Day, GasBuddy is preparing to release its summer travel survey results and issue a gas price forecast for the season. For now, motorists can expect one of the most affordable summers for hitting the road since the pandemic, with gas prices tracking at some of the lowest inflation-adjusted levels in years.”

OIL PRICES
Energy markets saw a notable rally last week after China and the U.S. moved to deescalate the intensifying trade war, but the rally has since faded after Moody’s downgraded the U.S. credit rating and new data from China showed slowing growth in industrial output and retail sales. “The weaker than expected Chinese data is not helping crude oil, although I would describe the setback as modest,” said UBS analyst Giovanni Staunovo in a comment to Reuters. Global crude oil prices have seen a higher level of volatility over the last several months as traders digest the trade situation in the U.S. and reaction abroad, as well as continued limited growth in China, as well as varying prospects for a ceasefire between Russia and Ukraine and a potential Iran nuclear deal. In early Monday trade, WTI crude was down 41 cents to $62.08 per barrel, down from last Monday’s $62.69 per barrel level. Brent crude was also in the red, down 50 cents to $64.91 per barrel, down from last Monday’s $65.58 per barrel fetch.

OIL AND REFINED PRODUCT SUPPLIES
The EIA’s Weekly Petroleum Status Report for the week ending May 9, 2025, showed U.S. oil inventories rose by 3.5 million barrels, about 6% below the seasonal average for this time of year, while the SPR rose 500,000 barrels to 399.7 million. Gasoline inventories fell by 1.0 million barrels and stand 3% below the five-year seasonal average, while distillate inventories fell 3.2 million barrels and are about 16% below the five-year seasonal average. Refinery utilization rose 1.2 percentage points to 90.2%, while implied gasoline demand, EIA’s proxy for retail demand, rose 77,000 bpd to 8.794 million barrels per day.

GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $2.89, $3.09, $2.79, and $3.19, rounding out the top five most common prices.

The median U.S. gas price is $2.99 per gallon, up 8 cents from last week and about 15 cents lower than the national average.

The top 10% of stations in the country average $4.62 per gallon, while the bottom 10% average $2.55 per gallon.

The states with the lowest average prices: Mississippi ($2.63), Tennessee ($2.68), and Louisiana ($2.69).

The states with the highest average prices: California ($4.86), Hawaii ($4.41), and Washington ($4.28).

Biggest weekly changes: New Mexico (+21.3¢), Minnesota (+13.2¢), Indiana (+11.8¢), Oklahoma (+10.7¢), Michigan (+10.3¢)

DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.39 per gallon, up 10 cents from last week, followed by $3.49, $3.29, $3.59, and $3.19, rounding out the top five most common prices.

The median U.S. diesel price is $3.39 per gallon, up 3 cents from last week and about 11 cents lower than the national average.

Diesel prices at the top 10% of stations in the country average $4.63 per gallon, while the bottom 10% average $2.90 per gallon.

The states with the lowest average diesel prices: Texas ($3.08), Mississippi ($3.13), and Louisiana ($3.13).

The states with the highest average diesel prices: Hawaii ($5.26), California ($5.02), and Washington ($4.49).

Biggest weekly changes: New Mexico (+13.1¢), Oregon (+12.3¢), Louisiana (+8.7¢), Florida (+8.5¢), West Virginia (+8.4¢)