But drivers shouldnt expect it to last
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The national average price of gasoline has dipped to $2.99 per gallon, down 1.4 cents from last week and nearly 15 cents from a month ago.
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Diesel prices rose 2.5 cents over the past week, averaging $3.66 per gallon nationwide.
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Analysts warn that recent declines may be temporary due to refinery issues and OPEC+ production changes.
The national average price of gasoline has fallen once again, landing just under the $3-per-gallon mark, according to GasBuddy data compiled from over 150,000 gas stations.
This weeks average sits at $2.99 per gallon, a 1.4-cent drop from the previous week and nearly 15 cents lower than one month ago. Compared to this time last year, drivers are paying about 6.6 cents less per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, says the reprieve may be brief.
Gas prices are likely to rebound soon in the Great Lakes states due to ongoing refinery challenges, while a new snag at a California refinery may slow the pace of declines on the West Coast, De Haan noted in the companys blog.
He added that while OPEC+ has approved another oil production increase for December, the group signaled a pause in further boosts from January through March a move that may stabilize prices in the near term. For now, GasBuddy said consumers can expect prices to hover in the low-$3 range, depending on regional refinery performance.
Oil markets remain stable
Oil markets were calm over the past week, with West Texas Intermediate (WTI) crude slipping just 3 cents to $60.95 per barrel, while Brent crude edged down 4 cents to $64.73. Analysts say the market is balancing OPECs production moves with new sanctions on Russian exports and fluctuating U.S. inventory levels.
Oil prices have moved nearly sideways, said Giovanni Staunovo, UBS commodities analyst. Large U.S. inventory draws kept prices supported, while skepticism remains about how much Russian supply is actually affected by sanctions.
The latest EIA Weekly Petroleum Status Report showed a 6.9-million-barrel decline in U.S. crude oil inventories, now about 6% below the seasonal average. Gasoline and distillate inventories also dropped 5.9 million and 3.4 million barrels, respectively keeping both below their five-year averages.
Refinery utilization fell to 86.6%, while gasoline demand rose to 8.9 million barrels per day, reflecting steady consumer travel activity.
Gas price breakdown
The most common price at U.S. pumps this week is $2.99 per gallon, though the spread is wide. The median price is $2.89, and the top 10% of stations average a steep $4.41 per gallon largely in high-cost states like California and Hawaii.
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Lowest averages: Oklahoma ($2.48), Texas ($2.48), Louisiana ($2.53)
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Highest averages: California ($4.61), Hawaii ($4.43), Washington ($4.23)
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Biggest price drops: Indiana (-13.3), Texas (-10.0), Michigan (-9.8)
With refinery outages, fluctuating oil supplies, and global production decisions all in play, industry experts predict price volatility in the weeks ahead. Still, if refinery bottlenecks ease and demand tapers with cooler weather, gas prices could slip further below $3 per gallon offering U.S. drivers a bit of year-end relief at the pump.
Posted: 2025-11-05 14:40:35










