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National Average Falls As Summer Wraps Up

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The national average price for a gallon of gasoline has fallen 1.4 cents per gallon in the last week, closing the summer driving season at an average of $2.82 per gallon, according to GasBuddy data compiled from more than 10 million price reports over the last week. The summer driving season- a period between Memorial Day and Labor Day- closed with an overall national average of $2.87 per gallon, the highest since 2014. The tally was 55 cents higher than last year, but 71 cents below the level of 2014. In addition, diesel prices bested gasoline prices fall summer- a remarkable feat, attaining an average of $3.18 per gallon, the highest since 2015.

“We’ve closed the door on the most expensive summer at the pump since 2014, finishing the period from Memorial Day to Labor Day with an average of $2.87 per gallon, a full 55 cents higher than last summer, but still 71 cents per gallon cheaper than 2014. Much of the blame for the summer’s higher gas prices can be blamed on OPEC’s long-term decision to cut oil production to better balance supply and demand, pushing prices higher,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Now that summer is over, gas prices are likely to seasonally decline by the end of the year, but with Tropical Storm Gordon likely to impact the sensitive Gulf Coast region, gas prices may move higher before we see the seasonal downtrend emerge. We’re carefully watching the storm for possible disruptions to refineries and gas stations, and will continue to do so until hurricane season ends.”

Oil prices this morning continue to see gains as Tropical Storm Gordon moves towards sensitive oil-producing areas in the Gulf Coast, causing oil companies to evacuate employees and begin taking safety precautions. WTI crude oil was seen trading up $1.38 per barrel to $71.18, the highest level seen since July on the possible impacts from Gordon. Fresh data also showed oil exports from Iran beginning to falter, adding worries over global supply and also pushing oil higher.

Last week’s data from the Energy Information Administration showed a modest 2.6 million barrel decline in U.S. oil inventories while gasoline inventories saw a draw of 1.6 million barrels and distillates posted a 0.8 million barrel drop.

States with the largest change in average prices in the last week: Missouri (+10 cents), Michigan (-7 cents), Ohio (-7 cents), Illinois (-4 cents), Indiana (-4 cents), Kentucky (-2 cents), Delaware (-2 cents), Oregon (+2 cents), Utah (-2 cents) and Idaho (+2 cents).

States with the lowest average prices: South Carolina ($2.51), Alabama ($2.52), Mississippi ($2.53), Louisiana ($2.56), Arkansas ($2.56), Texas ($2.57), Oklahoma ($2.58), Tennessee ($2.58), Virginia ($2.59) and Kansas ($2.62).

States with the highest average prices: Hawaii ($3.74), California ($3.60), Washington ($3.35), Alaska ($3.28), Oregon ($3.24), Idaho ($3.23), Nevada ($3.18), Utah ($3.17), Pennsylvania ($3.04) and Connecticut ($3.01).

With Tropical Storm Gordon threatening areas of the U.S., gas prices may rise slightly this week. In addition, Great Lakes states including Michigan, Indiana, Ohio, Kentucky and Illinois may see prices rise this week due to their price cycling behavior.

GasBuddy is a company that connects drivers with their Perfect Pit Stop. As the leading source for crowdsourced, real-time fuel prices at more than 150,000 gas station convenience stores in the U.S., Canada and Australia, millions of drivers use the GasBuddy app and website every day to find gas station convenience stores based on fuel prices, location and ratings/reviews. GasBuddy’s first-of-its-kind fuel savings program, Pay with GasBuddy, has saved Americans more than $3.6 million at the pumps since its launch in 2017.