The national average price of gasoline slipped slightly over the past week, falling 0.8 cents to $2.73 per gallon, according to new data from GasBuddy compiled from more than 12 million price reports nationwide. Prices are now 17 cents lower than a month ago and nearly 29 cents cheaper than this time last year.
Diesel prices also moved lower, dropping 2.3 cents over the week to a national average of $3.48 per gallon.
GasBuddy’s head of petroleum analysis Patrick De Haan said prices have remained relatively stable nationwide, even as some states experienced noticeable swings due to price cycling.
While geopolitical developments in Venezuela have drawn attention, De Haan noted it is far too early for those issues to have any measurable effect on prices at the pump. He added that although gas prices remain seasonally low, rising oil prices could lead to limited upward movement in the weeks ahead.
Ohio is seeing much of the same, with average gas prices around 2.82, gas prices in Pickaway and Ross County are lower than average across Ohio, at an average of under 2.80 per gallon.
Oil Market Outlook
Crude oil prices remained rangebound over the past week, with modest gains driven by concerns over potential supply disruptions in Iran and Venezuela. Giovanni Staunovo, a commodities analyst with UBS, said the market is closely watching whether those concerns translate into actual supply losses.
Early Monday trading showed West Texas Intermediate crude at $58.75 per barrel, slightly higher than a week earlier, while Brent crude traded at $63.07 per barrel. Meanwhile, Goldman Sachs projected oil prices will struggle in 2026 due to a growing supply surplus, forecasting an average WTI price between $50 and $54 per barrel.
Supply and Demand
According to the Energy Information Administration’s latest Weekly Petroleum Status Report, U.S. crude oil inventories fell by 3.8 million barrels and remain about 3% below seasonal averages. Gasoline inventories rose by 7.7 million barrels, sitting about 3% above the five-year seasonal average, while distillate inventories increased by 5.6 million barrels but remain slightly below normal.
Refinery utilization held steady at 94.7%, while implied gasoline demand fell by nearly 400,000 barrels per day.
Gas Price Trends
The most common gas price nationwide was $2.59 per gallon, followed by $2.69 and $2.79. The median U.S. gas price stands at $2.64 per gallon.
Oklahoma, Colorado, and Arkansas posted the lowest average gas prices, while Hawaii, California, and Washington reported the highest. Iowa saw the biggest weekly increase, while Florida and Indiana experienced the largest declines.
Diesel Price Trends
Diesel prices were most commonly seen at $3.49 per gallon, with the median price at $3.39. Oklahoma, Colorado, and Texas had the lowest average diesel prices, while Hawaii, California, and Washington remained the most expensive states.
