For the fourth straight week, the national average price of gasoline has dropped, declining 2.1 cents to $2.85 per gallon. The national average now stands 0.5 cents lower than a month ago and $1.02 per gallon higher than a year ago.
The national average price of diesel has fallen 1.1 cents in the last week and stands at $3.07 per gallon. Gas Buddy’s Patrick De Haan says, “It has been a fairly tame last few weeks at the pump for most areas after a particularly active February and March when prices were screaming higher.”
De Haan adds, for now, the risk of seeing the national average climb to $3 per gallon has been delayed by a recent surge in COVID-19 cases, limiting the upside to gasoline demand.
However, as the outlook improves, we still have potential to see summer gas prices at their highest levels in years. U.S. gasoline demand fell for the first time in seven weeks after a healthy Easter travel holiday boosted demand, down just shy of one percent.
