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The nation’s average price of gasoline has fallen 6.4 cents over the last week 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 13.7 cents from a month ago and is 14.4 cents per gallon lower than a year ago. The national average price of diesel has decreased 3.5 cents in the last week and stands at $3.628 per gallon.

“Americans appear to be on the cusp of seeing the national average drop below $3 per gallon and potentially stay there for the first time in years, as prices have fallen across the vast majority of the country,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With well over 40 states seeing gas prices decline and oil plunging below $60 per barrel to end the week, the good news may not end if — and when — the national average hits that magical $2.99 mark. We could even see a handful of stations in places like Oklahoma, Texas, or even Wisconsin drop below $2 per gallon in the weeks ahead — something not seen since the pandemic. In addition, with wages up and gas prices down, Americans are spending the smallest share of their paycheck on gasoline in many years.”

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WTI crude was up 59 cents to $59.49 in early trade, down from last Monday’s $61.85 per barrel level. Brent crude oil was up 59 cents to $63.32 per barrel, down from last Monday’s $65.56 per barrel level.

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The states with the lowest average prices: Oklahoma ($2.50), Mississippi ($2.62), and Texas ($2.62).

The states with the highest average prices: California ($4.62), Hawaii ($4.46), and Washington ($4.41).

Biggest weekly changes: Ohio (-18.3¢), Michigan (-13.9¢), Indiana (-13.4¢), Washington (-12.2¢), Texas (-10.8¢)

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The states with the lowest average diesel prices: Texas ($3.12), Oklahoma ($3.15), and Mississippi ($3.22).

The states with the highest average diesel prices: Hawaii ($5.11), California ($5.09), and Washington ($5.01).

Biggest weekly changes: Texas (-10.1¢), Florida (+7.2¢), Michigan (-7.1¢), Tennessee (-6.1¢), New Mexico (-6.0¢)

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I know some dislike that I do the weird thing of posting this update every Monday, but this week over week drop of 6.4 cents per gallon is the most significant week over week increase or decrease we've seen in the national average in quite a while.

Record domestic oil production, OPEC+ production increases, zero hurricanes this year in the GOA and now a seeming peace deal in the Middle East, even if short-lived, has all seemed to come together to bring us close to that sub-$3 national average mark.