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U.S. Gas Prices Slide Toward $3 as Local Markets Hit Multi-Month Lows

Recent oil market weakness is pushing pump prices lower across much of the country.

Overview

  • GasBuddy reports the national average at $3.02 per gallon, down 6.4 cents in a week, while diesel averages about $3.63 after a 3.5-cent drop.
  • Prices fell in well over 40 states, and GasBuddy analysts say the national average could soon dip below $3, with a few stations in low-cost states potentially briefly under $2.
  • Central Ohio averages $2.77 after a 25.2-cent weekly drop, Houston averages $2.59 with a low of $2.29 at one station, and Springfield, Massachusetts averages $2.91.
  • AAA says Michigan’s statewide average is $2.92, down about 17 cents from last week, marking the lowest level there so far this year.
  • WTI crude slipped below $60 last week as trade tensions pressured demand forecasts, and EIA data for the week ending Oct. 3 show crude inventories up 3.7 million barrels and gasoline stocks down 1.6 million.