Gasoline, Diesel Prices Follow Oil Prices Higher

For the first time in three weeks, the nation’s average price of gasoline has increased, rising 2.0 cents compared to a week ago and stands at $3.11 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 down 0.5 cents from a month ago and is 37.9 cents per gallon lower than a year ago. The national average price of diesel has increased 3.2 cents in the last week and stands at $3.676 per gallon.

“With oil prices posting a modest uptick last week, the national average price of gasoline also inched slightly higher, with just over half of U.S. states seeing increases, while nearly two dozen saw declines,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “As we approach the midpoint of the summer driving season, gasoline inventories remain just below average, while diesel inventories are considerably tighter — keeping upward pressure on diesel prices. While renewed tariff discussions could weigh on oil markets due to concerns about economic growth, absent any major developments, we expect the national average to remain rangebound in the low-$3 per gallon area, where it has spent much of the summer.”

OIL PRICES

With OPEC continuing to boost supply, citing market tightness, oil prices have continued to hold near recent highs, even in light of concern over new Trump tariffs, largely being dismissed by markets. In early Monday trade, a barrel of WTI crude was up 74 cents to $69.19 per barrel, up from $67.02 last Monday. Brent crude oil was also in the black, trading up 66 cents to $71.02 per barrel, also up over $2 from last Monday’s $68.76 per barrel fetch. “While we have seen oil inventories rising, those builds were primarily in China, while inventories in OECD countries remain low. Despite the addition of OPEC barrels, the oil market remains tight, keeping prices supported,” said UBS commodities analyst Giovanni Staunovo, in an e-mail.

OIL AND REFINED PRODUCT SUPPLIES

The EIA’s Weekly Petroleum Status Report for the week ending July 4, 2025, showed U.S. oil inventories rose by 7.1 million barrels, and are about 8% below the seasonal average for this time of year, while the SPR rose 200,000 barrels to 403.0 million. Gasoline inventories fell by 2.7 million barrels and stand 1% below the five-year seasonal average, while distillate inventories fell 0.8 million barrels and are about 23% below the five-year seasonal average. Refinery utilization fell 0.2 percentage points to 94.7%, while implied gasoline demand, EIA’s proxy for retail demand, rose 519,000 bpd to 9.159 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, $2.79, $3.09, and $3.19, rounding out the top five most common prices.

The median U.S. gas price is $2.98 per gallon, down 1 cent from last week and about 13 cents lower than the national average.

The top 10% of stations in the country average $4.36 per gallon, while the bottom 10% average $2.57 per gallon.

The states with the lowest average prices: Mississippi ($2.68), Oklahoma ($2.70), and Texas ($2.74).

The states with the highest average prices: California ($4.47), Hawaii ($4.46), and Washington ($4.34).

Biggest weekly changes: Michigan (+15.3¢), Ohio (+13.0¢), Florida (-12.5¢), Kentucky (+7.8¢), Nebraska (-7.3¢)

DIESEL PRICE TRENDS

The most common U.S. diesel price stood at $3.79 per gallon, up 30 cents from last week, followed by $3.59, $3.69, $3.49, and $3.39, rounding out the top five most common prices.

The median U.S. diesel price is $3.59 per gallon, up 4 cents from last week and about 8 cents lower than the national average.

Diesel prices at the top 10% of stations in the country average $4.66 per gallon, while the bottom 10% average $3.03 per gallon.

The states with the lowest average diesel prices: Texas ($3.16), Mississippi ($3.27), and Colorado ($3.27).

The states with the highest average diesel prices: Hawaii ($5.27), California ($5.14), and Washington ($4.96).

Biggest weekly changes: Ohio (+13.6¢), Michigan (+9.3¢), Florida (+9.2¢), Utah (+9.1¢), Wisconsin (+7.8¢)