BIDENOMICS

U.S. Gasoline Prices Begin Falling Again

By Julianne Geiger - Jan 02, 2024,

• Gasbuddy: U.S. average gasoline prices have retreated to $3.06 per gallon on Monday.
• 
  
• The average price for a gallon of gasoline in the United States is now down 12.6 cents per gallon compared to a year ago.
• 
  
• The price of the U.S. crude oil benchmark WTI was trading down on Tuesday at $71.51 per barrel, a $0.14 slide on the day.

Join Our Community

The last week of the year may have seen gasoline prices rise for U.S. drivers, but the new year has kicked off another price slide, GasBuddy said on Tuesday morning.

U.S. average gasoline prices have retreated to $3.06 per gallon on Monday, according to GasBuddy data. This is a 1.6-cent decline from a week ago today. GasBuddy data is based on 12 million individual price reports from more than 150,000 gas stations across the United States.

The average price for a gallon of gasoline in the United States is now down 12.6 cents per gallon compared to a year ago.

“After a brief hiatus, the national average has moved off its recent high, again falling closer to the $3 per gallon mark, setting up a potential second attempt at slipping below $2.99 for the first time since 2021,” GasBuddy’s head of petroleum analysis, Patrick De Haan said. “While gas prices have risen in some areas, such as California after refinery snags emerged, other states have returned to declines. Illinois is one such example, falling below $3 per gallon for the first time since 2021. The Great Lakes and Gulf Coast offer some of the nation’s lowest gas prices, with the window of opportunity holding for the next few weeks to potentially re-test some of the levels seen a few weeks ago. The good news continues for average diesel prices, which slipped below $4 per gallon again and stand at their lowest level since the summer.”

According to AAA data, the national average cost for a gallon of gasoline is $3.104, compared to $3.216 per gallon a year ago, and $3.247 per gallon a month ago.

The price of the U.S. crude oil benchmark WTI was trading down on Tuesday at $71.51 per barrel, a $0.14 slide on the day, compared to $76.93 a year ago today.

By Julianne Geiger for Oilprice.com