The U.S. average gasoline price has fallen for the third week in a row, falling another 7.5 cents per gallon from a week ago, according to GasBuddy data.
U.S. gasoline prices were at $3.50 per gallon on average yesterday, according to Gas Buddy. That's 7.5 cents per gallon lower than a month ago and 80.7 cents per gallon less than the year-ago levels.
Diesel prices have also fallen-by 6.3 cents in the last week to $4.01 per gallon, and down $1.51 per gallon compared to a year ago.
"For the third straight week, consumers have been greeted by falling gasoline prices across a majority of the country, thanks to oil prices holding near recent lows and the transition to summer gasoline being essentially complete. While there have been a few pockets of rising prices, those have been the needle in the haystack, with nearly every single state seeing gas prices fall," GasBuddy's head of petroleum analysis, Patrick De Haan said in a note on Monday, adding that diesel prices will join gasoline in the coming days, "falling below $4 per gallon" in the next 48-ish hours.
The price drop means that "Americans are spending hundreds of millions less on fuel every week compared to a year ago," De Haan said, adding that the savings to consumers could swell even more in the coming days with prices "poised to continue trending lower this week."
GasBuddy has estimated that demand for retail gasoline fell 0.8% last week ending Saturday, with the largest drop realized in PADD 5 (-3.6%) and PADD 4 (-1.5%).
As for the most frequently encountered price that Americans are seeing at the pumps, that didn't change last week. Motorists most frequently saw $3.39 per gallon at the pumps last week. The most commonly encountered diesel price was $3.99 per gallon, also unchanged from the previous week.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More
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