As of April 18, the average price of gasoline in the United States was down by 2.5 cents per gallon compared to last week. That information comes straight from the US Energy Information (EIA), though it could mark the end of a month-long downward trend that's seen regular-grade gas drop by approximately 25 cents.
The average nationwide price currently stands at $4.06 per gallon, according to the EIA's weekly calculations. AAA's daily figures show the current price of regular gas at $4.11, up by about a penny from the previous day. The highest prices continue to be found on the West Coast, with the EIA showing an average of $5.10 per gallon. Gas is cheapest on the Gulf Coast at $3.73, however that region showed a slight week-over-week increase of less than a penny. The Rocky Mountain region registered a similar increase, suggesting that prices are leveling off after hitting a record high of $4.31 on March 14.
Diesel prices in the US have been approximately $1.00 more per gallon than gasoline, and that trend continues. The current weekly average for diesel stands at $5.10, an increase of 3 cents from the prior week. AAA shows daily prices slightly lower at $5.05, but it's still a small increase from the previous day. Overall, the data suggests prices for gasoline or diesel won't be going lower, at least in the near term.
At this point, it's unclear how current fuel prices might fluctuate as the summer travel season approaches. Traditionally, prices trend upward as folks hit the road in the States, but as we've all seen since Russia's invasion of Ukraine at the end of February, volatility in the oil market can lead to swift changes in pricing at the pump.
And oil stocks remain quite volatile. Brent crude closed today at $107 per barrel, down 22 cents from yesterday but up $2.10 from this time last week. WTI crude is also up $2.10 week-over-week, ending the day at $102.80.
