(GasBuddy) The nation’s average price of gasoline has declined 3.5 cents compared to a week ago to $3.44 per gallon Monday, 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 5.6 cents from a month ago and is 37.2 cents per gallon lower than a year ago. The national average price of diesel has fallen 2.3 cents in the last week and stands at $3.76 per gallon— 39 cents lower than a year ago.
“With oil prices plummeting due to new concerns over the U.S. economy after a poor jobs report, gasoline prices have seen downside in many states, with potential for more to join that trend this week as previous refinery disruptions in the Great Lakes region fade away and the restart process begins,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Diesel prices have also continued to drop, and while Tropical Storm Debby drops buckets of rain on Florida and the Southeast, it poses low risk to refineries or refined product pipelines, so the storm is not a major concern. With the Middle East on alert after Israel’s attacks on Hamas and Hezbollah, there could be an impact on oil prices; however, with an inability to predict the outcome, I for now expect gasoline prices in most states to gently decline in the week ahead, with the Middle East situation being a wildcard.”
OIL MARKETS
As global stock markets plummeted due to broadening fears of a major global slowdown, oil prices have declined sharply as the demand prospects for oil dim. In early Monday trading, a barrel of West Texas Intermediate crude oil were down $1.03 per barrel to $72.49, over a $2 loss compared to last Monday morning, when WTI was fetching $76.88. Brent crude oil was also lower in early Monday trade, declining 94 cents to $75.87 per barrel, a nearly $5 weekly drop from last Monday’s $80.79 per barrel level. Markets have a lot to think about in the week ahead, with not only economic jitters, but potential of a widening conflict in the Middle East, a U.S. election and weakness in China.
OIL AND REFINED PRODUCTS
Last week’s report from the EIA showed a 3.4 million barrel decline in crude oil inventories, which now stand 6.7 million barrels below last year, while the SPR tacked on another 700,000 barrels and stands at 375.1 million barrels, some 8.2% above last year. Domestic crude oil production was unchanged at 13.3 million barrels per day. Gasoline inventories fell by 3.7 million barrels, but are still up nearly 5 million from a year ago, while distillate inventories rose 1.5 million barrels and stand nearly 10 million above last year. Implied gasoline demand, EIA’s proxy for retail demand, fell 206,000bpd to 9.25 million, while refinery utilization fell 1.5 percentage points to 90.1%. Total U.S. petroleum inventories (excluding the SPR) stand 23 million barrels higher than a year ago.
FUEL DEMAND
According to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a rise of 3.9% for the week ending August 3 (Sun-Sat). Broken down by PADD region, demand rose 2.9% in PADD 1, rose 4.1% in PADD 2, rose 10.8% in PADD 3, fell 1.7% in PADD 4, and fell 1.3% in PADD 5. GasBuddy models U.S. gasoline demand at 9.28 million barrels per day.
GAS PRICE TRENDS
The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, up 10 cents from last week, followed by $3.39, $3.29, $3.19, and $3.59 rounding out the top five most common prices.
The median U.S. gas price is $3.37 per gallon, down 2 cents from last week and about 7 cents lower than the national average.
The top 10% of stations in the country average $4.46 per gallon, while the bottom 10% average $2.87 per gallon.
The states with the lowest average prices: Mississippi ($2.90), Louisiana ($2.97), Oklahoma ($3.00).
The states with the highest average prices: Hawaii ($4.58), California ($4.57), and Washington ($4.15).
Biggest weekly changes: Ohio (-11.1c), Michigan (-10.2c), Texas (-9.2c), Maryland (-8.3c), Illinois (-7.5c)
DIESEL PRICE TRENDS
The most common U.S. diesel price stood at $3.79 per gallon, unchanged from last week, followed by $3.69, $3.59, $3.99, and $3.49 rounding out the top five most common prices.
The median U.S. diesel price is $3.69 per gallon, unchanged from last week and about 7 cents lower than the national average for diesel.
Diesel prices at the top 10% of stations in the country average $4.66 per gallon, while the bottom 10% average $3.16 per gallon.
The states with the lowest average diesel prices: Oklahoma ($3.30), Texas ($3.31), and Mississippi ($3.42).
The states with the highest average diesel prices: Hawaii ($5.42), California ($4.94), and Washington ($4.46).
Biggest weekly changes: Delaware (-7.7c), Maryland (-6.8c), Montana (-6.6c), Rhode Island (+5.5c), Massachusetts (-4.5c)
