National Average Slips for 4th Straight Week on Continued Economic Uncertainty

The nation’s average price of gasoline has fallen for the fourth straight week, declining 1.3 cents compared to a week ago and stands at $3.02 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 10.6 cents from a month and is 42.4 cents per gallon lower than a year ago. The national average price of diesel has decreased 5.0 cents in the last week and stands at $3.558 per gallon.

“As concerns over tariffs and policy uncertainties grow, gas prices have continued to decline across much of the country, raising the possibility that the national average could slip below $3 per gallon and approach some of the lowest prices seen in years,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, this decline shouldn’t necessarily be celebrated, as it comes with strong warning signs. When the economy slows, gasoline demand drops — along with demand for other refined products like diesel and jet fuel. We’ve already seen some signals that the months ahead could be challenging. All of this suggests that gas prices are likely to remain low for now. However, if economic conditions improve, gas prices could eventually follow suit and start rising again.”

OIL PRICES

Oil prices have remained volatile, confined in the upper $60s range, but jumped to start the week as the U.S. vowed “unrelenting” attacks on Houthis over the weekend. The mood was also helped by the possibility of additional economic stimulus in China, while talks to end the Russia-Ukraine war were likely keeping oil from further rallying. In early Monday trade, a barrel of West Texas Intermediate crude oil was down 89 cents to $68.07 per barrel, slightly higher than last Monday’s $67.41 per barrel start. Brent crude oil was also trading higher, up 88 cents at $71.46 per barrel, also a slight improvement from last week’s $70.76 per barrel start.

OIL AND REFINED PRODUCTS

The EIA’s Weekly Petroleum Status Report for the week ending March 7, 2025, showed a 1.4-million-barrel build in crude oil inventories, bringing total stocks to 435.2 million barrels, which is about 5% below the five-year average. Gasoline inventories saw a sharp decline of 5.7 million barrels, reflecting stronger demand, as implied gasoline consumption (measured by finished motor gasoline supplied) rose to 9.182 million barrels per day, up from 8.877 million barrels per day the prior week. Domestic crude production continued its upward trend, averaging 13.5 million barrels per day, an increase from 13.275 million barrels per day a year ago. Refinery utilization rose 0.6 percentage points compared to the week prior, while East Coast utilization was very low at just 55.0%.

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, $2.69, 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 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 $2.47 per gallon.

The states with the lowest average prices: Texas ($2.60), Oklahoma ($2.60), Mississippi ($2.60).

The states with the highest average prices: California ($4.57), Hawaii ($4.47), and Washington ($4.01).

Biggest weekly changes: Ohio (+12.6¢), Maryland (+9.3¢), Oklahoma (-9.1¢), Washington (-8.7¢), Colorado (-7.8¢)

DIESEL PRICE TRENDS

The most common U.S. diesel price stood at $3.69 per gallon, up 10 cents from last week, followed by $3.59, $3.49, $3.29, and $3.39, rounding out the top five most common prices.

The median U.S. diesel price is $3.49 per gallon, unchanged from last week and about 7 cents lower than the national average.

Diesel prices at the top 10% of stations in the country average $4.49 per gallon, while the bottom 10% average $2.94 per gallon.

The states with the lowest average diesel prices: Oklahoma ($3.09), Texas ($3.10), and Colorado ($3.22).

The states with the highest average diesel prices: Hawaii ($5.27), California ($4.95), and Washington ($4.33).

Biggest weekly changes: Iowa (-9.0¢), Texas (-7.0¢), Oklahoma (-6.6¢), New Mexico (-6.3¢), Montana (-5.5¢).