After just a week, average gas prices have returned to their decline, with the national average falling 2.6 cents from a week ago to $3.76 per gallon.
The national average is down 14.3 cents from a month ago but stands 36.3 cents per gallon higher than a year ago. The national average price of diesel increased 2.3 cents in the last week and stands at $5.34 per gallon. Diesel supplies remain short, prompting the inverse in price between gas and diesel.
GasBuddy’s Patrick De Haan says, “With oil prices remaining volatile, the outlook is murky, but I’m hopeful in the lead up to Thanksgiving we’ll see prices declining in more states.”
The decline has been partly driven by Great Lakes states, where prices fell by 15-25 cents per gallon due to an improvement in the refining situation, and also oil prices. GasBuddy reports U.S. retail gasoline demand fell last week by 0.4 percent.