National Average Crawls Back Above $3/gal; 32 States Still Below $3

For the second straight week, the nation’s average price of gasoline has risen, climbing 3.1 cents compared to a week ago, and stands at $3.01 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 2.6 cents from a month ago and is 9.2 cents per gallon lower than a year ago. The national average price of diesel has increased 0.6 cents in the last week and stands at $3.478 per gallon.

“We’ve seen a second consecutive weekly rise in the national average, driven by price cycling that led stations in the Great Lakes region to restore their margins to normal levels ahead of millions of motorists traveling for Christmas,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With oil prices continuing to move sideways, gas prices may hold near recent levels in the coming week. Meanwhile, in the Great Lakes, last week’s price hikes will likely be rolled back as stations resume undercutting each other. As families travel for the holidays, this volatility at the pump serves as a great reminder to check prices before filling up to save as much as 25 to 50 cents per gallon—a trend that will likely persist into 2025. As we close out the year, motorists can look forward to some good news at the pump in 2025, as GasBuddy prepares to release our 2025 Fuel Price Outlook.”

OIL PRICES

WTI crude oil traded higher last week, rebounding above $69/bbl after falling earlier in the week due to demand concerns and a strengthening U.S. dollar. Early reports indicated that China’s oil consumption growth could slow by 2027, adding to bearish sentiment. However, optimism returned midweek after U.S. inflation data came in lower than expected, signaling potential monetary easing. The resolution of the U.S. government shutdown further bolstered market confidence. In early Monday trade, WTI crude oil was down 18 cents to $69.28 per barrel, down from last Monday’s $70.85 per barrel start, while Brent crude oil was down 19 cents to $72.75 per barrel, down from last week’s $74.11 per barrel start.

OIL AND REFINED PRODUCTS

Last week’s report from the EIA showed a 0.9 million barrel decline in U.S. crude oil inventories, which are 6% below the five-year seasonal average. The Strategic Petroleum Reserve (SPR) added 500,000 barrels. Domestic oil production declined slightly to 13.604 million barrels per day, still 304,000 bpd higher than the same period last year. Gasoline inventories increased by 2.3 million barrels but remain 2.0% lower than last year and about 3% below the five-year seasonal average. Distillate inventories fell by 3.2 million barrels to 118.2 MMbbl. While inventories are 2.8% above last year, they remain 7% below the five-year seasonal average. Implied gasoline demand, EIA’s proxy for retail demand, rose by 117,000 bpd to 8.93 million barrels per day. Refinery utilization decreased by 0.6 percentage points to 91.8%.

GAS PRICE TRENDS

The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, down 20 cents from last week, followed by $2.89, $2.69, $2.79, and $3.09 rounding out the top five most common prices.

The median U.S. gas price is $2.89 per gallon, unchanged from last week and about 12 cents lower than the national average.

The top 10% of stations in the country average $4.09 per gallon, while the bottom 10% average $2.48 per gallon.

The states with the lowest average prices: Oklahoma ($2.48), Mississippi ($2.56), Texas ($2.63).

The states with the highest average prices: Hawaii ($4.54), California ($4.27), and Washington ($3.83).

Biggest weekly changes: Florida (-15.2¢), Texas (+9.9¢), Ohio (+9.8¢), Indiana (+8.4¢), Iowa (+7.9¢)

DIESEL PRICE TRENDS

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

The median U.S. diesel price is $3.39 per gallon, unchanged from last week and about 10 cents lower than the national average for diesel.

Diesel prices at the top 10% of stations in the country average $4.31 per gallon, while the bottom 10% average $2.90 per gallon.

The states with the lowest average diesel prices: Oklahoma ($2.98), Texas ($3.03), and Mississippi ($3.11).

The states with the highest average diesel prices: Hawaii ($5.27), California ($4.75), and Washington ($4.26).

Biggest weekly changes: Utah (+9.4¢), Iowa (+6.7¢), South Carolina (+6.4¢), Alaska (-5.8¢), Montana (-5.6¢).