Gas prices revert to small drop as supplies jump, oil falls

TYLER – After just one week, the nation’s average price of gasoline has reverted to a decline, falling 1.7 cents compared to a week ago and stands at $3.09 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 down 11.5 cents from a month ago and is 37.7 cents per gallon lower than a year ago. The national average price of diesel has increased 1.7 cents in the last week and stands at $3.693 per gallon.

“The national average price of gasoline slipped slightly over the last week, falling alongside oil, which dropped more than $2 per barrel,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, a few states — including Florida, Nebraska, and Indiana — bucked the trend, posting double-digit increases per gallon. These areas are prone to a phenomenon known as price cycling, where prices can spike and plunge every couple of weeks even if wholesale costs remain mostly unchanged. While I don’t expect major movement in the national average as we approach August, states impacted by price cycling will likely continue to experience more volatile price swings, while others will see relative stability.”
OIL PRICES

Oil markets have seen some fluctuations over the last week, while oil has found a new home in the mid-to-upper $60 per barrel range with energy prices tracking the EU’s threat of sanctions against Russia, which could reduce oil supplies, as well as President Trump’s threat to enact significant tariffs on countries that continue to do business with Russia. In addition, economic news of an 11-month low in new single-family homebuilding starts has sent oil modestly lower over the last week. In early Monday trade, a barrel of WTI crude was down 3 cents to $67.31 per barrel, down from last Monday’s $69.19 per barrel start. Brent crude oil was down 23 cents in early Monday trade to $69.05 per barrel, below last week’s $71.02 per barrel start.