Gas prices up, but not for long

TEXAS – The nation’s average price of gasoline has risen for the third straight week, increasing 10.6 cents compared to a week ago and stands at $3.21 per gallon, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is up 13.2 cents from a month ago and is 35.6 cents per gallon lower than a year ago. The national average price of diesel has increased 3.6 cents in the last week and stands at $3.594 per gallon.

“While the national average price of gasoline saw its largest weekly gain of the year, it likely won’t last long, as oil prices have plummeted amid growing concerns about the global economy following the U.S. announcement of some of the most significant tariffs in over a century, along with OPEC+ restoring oil production faster than anticipated,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to falling oil prices, the stock market has dropped sharply, and the risk of a recession has increased — raising the likelihood of reduced global energy and oil demand, which is sending prices lower. As a result, motorists can expect gas prices to begin falling nearly coast-to-coast, with oil now at its lowest level since the early days of the pandemic in 2021. If tariffs aren’t scaled back soon, the national average could fall below $3 per gallon in the weeks ahead, with no clear indication of how long it might stay there as market volatility persists.”