In a blog posted on its website on Monday, GasBuddy highlighted that U.S. gasoline prices had fallen for four straight weeks but warned that “the streak may be in danger”.
GasBuddy outlined in the blog that, according to its data, the nation’s average price of gasoline had fallen 17.9 cents over the last week and stood at $4.09 per gallon. The national average was down 45.2 cents from a month ago and was $1.02 per gallon higher than a year ago, GasBuddy pointed out in the blog.
“Average gasoline prices declined in virtually every state over the last week as oil prices continued to fall, with crude approaching $90 per barrel and refiners ramping up output following seasonal maintenance,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in the blog.
“The combination of lower oil costs and improving refinery runs has kept downward pressure on pump prices, giving motorists a welcome reprieve,” he added.
De Haan warned, however, that “the future of prices remains murky”.
“With the Strait of Hormuz remaining effectively closed, global oil supplies continue to tighten, and any further deterioration in the situation could send prices sharply higher,” he said.
“For now, motorists may enjoy the savings at the pump, but the risk of a significant reversal has not gone away,” he continued.
In the blog, GasBuddy revealed that the most common U.S. gas price encountered by motorists was $3.99 per gallon, which it noted was “unchanged from a week ago”. This was followed by $3.79 per gallon, $3.89 per gallon, $3.69 per gallon, and $3.59 per gallon, according to the blog.
The median U.S. gas price was $3.89 per gallon, GasBuddy outlined, noting that this was down 20 cents from last week and about 20 cents lower than the national average. The top 10 percent of stations in the country averaged $5.59 per gallon, according to the blog, which revealed that the bottom 10 percent averaged $3.34 per gallon.
The blog showed that the states with the lowest average prices comprised Indiana, at $3.42 per gallon, Texas, at $3.58 per gallon, and Oklahoma, at $3.60 per gallon. The states with the highest average prices comprised California, at $5.83 per gallon, Washington, at $5.58 per gallon, and Hawaii, at $5.55 per gallon, the blog highlighted.
According to the blog, the biggest weekly price changes were seen in Ohio, with a 24.8 cent drop, Florida, with a 21.5 cent drop, and Illinois, with a 21.3 cent drop.
In a blog posted on its website on June 1, GasBuddy highlighted that gasoline prices in the U.S. were “plunging” but warned that the “relief may be short lived”.
GasBuddy outlined in that blog that, according to its data, the average price of gasoline in the country had fallen 19.5 cents week on week and stood at $4.26 per gallon. The national average was down 17.8 cents from the month ago price and was $1.18 per gallon higher than the year ago price, GasBuddy pointed out in that blog.
Current Gasoline Price
GasBuddy’s live ticking average for regular gasoline in the U.S. was $4.097 per gallon as of 8.50am EST on June 11. The figure was 1.5 cents down from yesterday’s average, 9.8 cents down from last week’s average, 40.1 cents down from last month’s average, and 97.9 cents up from last year’s average, GasBuddy’s website highlighted.
According to the AAA Fuel Prices website, the average price of regular gasoline in the U.S. is $4.1290 per gallon, as of June 11. Yesterday’s average was $4.1510 per gallon, the week ago average was $4.2410 per gallon, the month ago average was $4.5200 per gallon, and the year ago average was $3.1250 per gallon, the site showed.
In its latest gasoline fuel update, which was released on June 9, the U.S. Energy Information Administration (EIA) showed a recent declining price trend for U.S. regular gasoline. According to this update, the fuel price averaged $4.475 per gallon on May 25, $4.305 per gallon on June 1, and $4.146 per gallon on June 8.
Although the EIA’s latest gasoline fuel update outlined a recent price drop, it still highlighted that the June 8 price was $0.717 higher than the price two years ago, and $1.038 higher than the year ago price.
Of the five Petroleum Administration for Defense District (PADD) regions highlighted in the EIA’s latest fuel update, the West Coast was shown to have the highest regular gasoline price as of June 8, at $5.358 per gallon. The Gulf Coast was shown in the update to have the lowest regular gasoline price as of June 8, at $3.643 per gallon.
A glossary section of the EIA site notes that the 50 U.S. states and the District of Columbia are divided into five districts, with PADD 1 further split into three subdistricts. PADDs 6 and 7 encompass U.S. territories, the site adds.
In a maternal healthcare event hosted in the White House Oval Office on May 11, which was streamed live on the White House YouTube page, U.S. President Donald Trump said, “as soon as this is over with Iran … you’re going to see gasoline and oil drop like a rock”.