National Average Temporarily Inches Up, But Could Fall Below $3 Soon

The nation’s average price of gasoline has risen for the first time in nearly a month, climbing 2.0 cents compared to a week ago and stands at $3.12 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 12.0 cents from a month ago and is 49.6 cents per gallon lower than a year ago. The national average price of diesel has increased 0.2 cents in the last week and stands at $3.501 per gallon.

“Last week was another mixed bag at the pump for many Americans, but there may be some promising short-term news from OPEC+, which has agreed to increase oil production starting in June,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Here in the U.S., slightly more than half of the states saw gas prices rise, while many others saw modest declines. We continued to see price cycling in states prone to such movements, including much of the Great Lakes region, as well as in Maryland, Florida, and parts of Texas. However, the most notable development is OPEC+’s decision to raise production next month, as oil prices hover near their lowest levels since the pandemic. While gasoline inventories have been tightening due to ongoing refinery maintenance — which has limited how much gas prices have fallen in response to lower oil — refinery output is expected to rise soon. As maintenance wraps up, we could see an increase in gasoline supply and a national average that may soon dip below $3 per gallon.”

OIL PRICES

With OPEC+ announcing it would further spike oil production beginning in June, oil markets reacted swiftly, with WTI crude oil prices falling to their lowest level since the pandemic. In early Monday trade, WTI crude was down 82 cents to $57.47 per barrel, down from last Monday’s $62.81 per barrel start. Brent crude oil was also seeing a notable decline, falling 78 cents to $60.51 per barrel, down some $6 from $66.66 per barrel last Monday. OPEC+’s increase of over 400,000 barrels of oil production starting in June against a backdrop of global uncertainty and some weakness sent oil prices dropping. While the short term could see U.S. gas prices struggling to maintain a $3 per gallon national average, the U.S. oil rig count fell three more rigs and is now 21 rigs lower than a year ago, showing U.S. producers are pulling back on drilling activity.

OIL AND REFINED PRODUCTS

The EIA’s Weekly Petroleum Status Report for the week ending April 25, 2025, showed U.S. oil inventories fell by 2.7 million barrels, about 6% below the seasonal average for this time of year, while the SPR rose 1,100,000 barrels to 398.5 million. Gasoline inventories fell by 4.0 million barrels and stand 4% below the five-year seasonal average, while distillate inventories rose 0.9 million barrels and are about 13% below the five-year seasonal average. Refinery utilization rose 0.5 percentage points to 88.6%, while implied gasoline demand, EIA’s proxy for retail demand, fell 316,000 bpd to 9.098 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 $2.99 per gallon, up 3 cents from last week and about 13 cents lower than the national average.

The top 10% of stations in the country average $4.50 per gallon, while the bottom 10% average $2.52 per gallon.

The states with the lowest average prices: Mississippi ($2.62), Louisiana ($2.67), and Tennessee ($2.69).

The states with the highest average prices: California ($4.70), Hawaii ($4.41), and Washington ($4.20).

Biggest weekly changes: Indiana (+13.8¢), Ohio (+13.5¢), Michigan (+13.0¢), New Mexico (+8.6¢), Tennessee (-7.9¢)

DIESEL PRICE TRENDS

The most common U.S. diesel price stood at $3.29 per gallon, 10 cents lower than last week, followed by $3.19, $3.39, $3.49, 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 11 cents lower than the national average.

Diesel prices at the top 10% of stations in the country average $4.55 per gallon, while the bottom 10% average $2.89 per gallon.

The states with the lowest average diesel prices: Louisiana ($3.07), Mississippi ($3.10), and Texas ($3.10).

The states with the highest average diesel prices: Hawaii ($5.25), California ($4.88), and Washington ($4.38).

Biggest weekly changes: Texas (+8.7¢), South Dakota (-7.8¢), Florida (-6.8¢), Iowa (-5.8¢), New Mexico (+5.0¢).