The nation’s average gas price declined again last week, falling 11.9 cents to $3.09 per gallon. The national average is down 57.1 cents from a month ago and 20 cents per gallon from a year ago. The national average diesel price fell 14.1 cents last week, reaching $4.77 per gallon. Overall, the price for a gallon of gasoline is down nearly $2 compared to six months ago, but oil prices may put an end to the declines soon.
GasBuddy’s Patrick De Haan says, “While the decline should take the national average under $3 per gallon in the next week or so, it is soon likely to fade as oil prices have held in the $70 per barrel range.”
After reaching as low as $72 per barrel, West Texas Intermediate crude oil has seen a slight rally on China’s reopening plans. However, De Haan says diesel prices could fall another 50 cents or more in the weeks ahead.