The Venezuela raid is expected to have little impact
-
The nations average price of gasoline fell 1.2 cents over the past week to $2.74 per gallon, according to GasBuddy data compiled from more than 12 million price reports covering over 150,000 stations nationwide.
-
Gas prices are now 21.2 cents lower than a month ago and 29.2 cents cheaper than this time last year, while the national average price of diesel dropped 2.3 cents to $3.498 per gallon.
-
The decline marks the sixth consecutive weekly drop in the national gasoline average as seasonal factors continue to weigh on prices at the pump.
The steady slide in gas prices continued this week, offering motorists across much of the country some welcome relief as winter progresses. According to GasBuddy, the national average for gasoline has now fallen for six straight weeks, a trend largely driven by seasonal demand patterns and ample fuel supplies.
Another week, and motorists have been greeted with the sixth straight weekly decline in the national average price of gasoline as seasonality continues to drive trends at the pump, Patrick De Haan, head of petroleum analysis at GasBuddy, wrote in the companys blog.
While some states experienced increases, De Haan noted that many of those hikes occurred in so-called price-cycling markets, where temporary jumps often follow sharper declines. In most other states, prices edged lower again.
Market uncertainty
Attention in energy markets has recently turned to geopolitical developments, particularly involving Venezuela. Over the weekend, the U.S. arrest of Venezuelan President Nicols Maduro and OPEC+s decision to extend its pause on oil production increases into the first quarter of 2026 added fresh uncertainty to global oil trading.
Early Monday, West Texas Intermediate crude rose 57 cents to $57.89 per barrel, while Brent crude gained 55 cents to $61.30 per barrel both slightly below where they started trading a week earlier.
Short-term uncertainty surrounding Venezuela could push oil prices modestly higher, but De Haan cautioned against expecting dramatic relief at the pump anytime soon. Even under the most optimistic outcomes, it could take years of positive developments for additional supply to meaningfully move the needle, he said, adding that the long-term impact on U.S. gasoline prices may be limited. GasBuddy expects prices to bottom out in the coming weeks before beginning their typical seasonal climb toward March.
Short-term outlook favors consumers
Supply data from the Energy Information Administration (EIA) supports the recent softness in fuel prices. For the week ending December 26, U.S. crude oil inventories fell by 1.9 million barrels and remain about 3% below the seasonal average. Gasoline inventories, however, rose sharply by 5.8 million barrels and now sit roughly 2% above the five-year seasonal norm.
Distillate inventories increased by 5.0 million barrels but remain about 4% below average. Refinery utilization ticked up slightly to 94.7%, while implied gasoline demand fell to 8.563 million barrels per day.
At the pump, the most commonly encountered gasoline price nationwide was $2.79 per gallon, followed by $2.59 and $2.49. The median U.S. gas price stands at $2.65 per gallon, about nine cents below the national average.
Prices vary widely by location, with the lowest state averages found in Oklahoma ($2.15), Colorado ($2.27), and Iowa ($2.31). The highest averages remain in Hawaii ($4.37), California ($4.18), and Washington ($3.74). Delaware saw the biggest weekly increase at nearly 15 cents, while Ohio and Michigan posted double-digit weekly declines.
Posted: 2026-01-06 12:02:23
















