Buckeye drivers saw a slight decline in gas prices locally, although prices remain close to $5 per gallon – among the highest in the country.
On Monday, the lowest non-price-club price observed in the Buckeye area was $4.89, a little higher than the state average of $4.78, and well above the national average of $4.48.
Nationally
Drivers across the country are continuing to feel pain at the pump as gasoline prices climb for another week, with analysts warning that geopolitical tensions and refinery issues could push costs even higher heading into summer.
According to new data released by GasBuddy, the national average price for regular gasoline rose 5.1 cents over the past week to $4.48 per gallon. That figure is now 37.3 cents higher than a month ago and $1.40 more expensive than this time last year.
Diesel prices also edged upward, rising 0.2 cents to a national average of $5.62 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, said price declines in a handful of Midwestern states briefly helped ease the national average, particularly after Indiana temporarily suspended certain fuel taxes and oil prices dipped midweek amid optimism surrounding possible U.S.-Iran negotiations.
How long will it last?
However, that relief may be short-lived.
“Many states could see another round of price cycling in the days ahead, potentially sending the national average toward the $4.65-per-gallon mark if oil continues climbing,” De Haan said. He also warned that diesel prices in parts of the Great Lakes region are approaching record highs because refinery problems are limiting diesel production.
Oil markets remained volatile throughout the week as traders reacted to shifting developments tied to tensions in the Middle East. Early optimism over a possible diplomatic agreement between the United States and Iran briefly pushed crude oil prices lower, easing fears over disruptions to global supply routes.
That optimism faded over the weekend as negotiations appeared to stall.
In early Monday trading, West Texas Intermediate crude rose to $98.37 per barrel, while Brent crude climbed to $104.36 per barrel. Both remain below last week’s peaks but indicate continued instability in energy markets.
Federal inventory data also showed tightening fuel supplies. The U.S. Energy Information Administration reported crude oil inventories fell by 2.3 million barrels during the week ending May 1. Gasoline inventories dropped by 2.5 million barrels and remain about 4% below the five-year seasonal average, while diesel and distillate inventories are roughly 11% below normal levels.
Refinery utilization increased slightly to 90.1%, though implied gasoline demand declined to 8.813 million barrels per day.
Across the country, the most common gas price motorists encountered was $3.99 per gallon. The median national gas price stood at $4.34 per gallon.
California continues to lead the nation with the highest average gas prices at $6.10 per gallon, followed by Washington at $5.72 and Hawaii at $5.60. The lowest averages were found in Oklahoma at $3.93, Mississippi at $3.96, and Arkansas at $3.97.
Indiana posted the largest weekly decline in gasoline prices, falling 44 cents per gallon, while Alaska saw the largest increase at 18.6 cents.
For diesel fuel, California again recorded the highest statewide average at $7.42 per gallon, followed by Hawaii at $7.14 and Washington at $6.78. Oklahoma reported the nation’s lowest diesel prices at $4.99 per gallon.
Analysts say fuel prices are likely to remain highly sensitive to geopolitical developments and refinery performance in the coming weeks, with the possibility of further spikes if tensions escalate or supply disruptions worsen.
Editor’s Note: Parts of this story was generated by IA based on data provided by GassBuddy.com.
