Fuel prices began the new year declining after a late-year increase during the holiday season. GasBuddy reports the nation’s average gasoline price reverted, falling 1.6 cents from a week ago to $3.06 per gallon. The national average is down 17.3 cents from a month ago and 12.6 cents per gallon lower than a year ago.
The national average diesel price fell 4.5 cents last week and stands at $3.96 per gallon—71 cents lower than one year ago.
GasBuddy’s Patrick De Haan says, “The good news continues for average diesel prices, which slipped below $4 per gallon again and stand at their lowest level since the summer.” Crude oil prices were up sharply in the first trading session of 2024, as the U.S. waged an attack on Houthi militants, downing three Houthi ships from a U.S. military helicopter.
Forecasts projecting a rise in Chinese demand for its February Lunar New Year may have been boosting optimism and oil prices in early trade as well.