Drivers continue to get breaks at the pump as prices have been on a downward slide.
Gasoline prices have fallen for three consecutive weeks as crude oil prices have also tumbled.
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The average price of gasoline is now selling for $3.50 per gallon, declining by 7.5 cents compared to a week ago, according to GasBuddy data.
Drivers are now paying 80.7 cents per gallon less compared to a year ago.
Diesel prices have also declined and dropped by 6.3 cents during the past week and is selling for an average of $4.01 per gallon, which is $1.51 lower than one year ago
“For the third straight week, consumers have been greeted by falling gasoline prices across a majority of the country, thanks to oil prices holding near recent lows and the transition to summer gasoline being essentially complete," said Patrick De Haan, head of petroleum analysis at GasBuddy, a Boston-based provider of retail fuel pricing information and data.
"While there have been a few pockets of rising prices, those have been the needle in the haystack, with nearly every single state seeing gas prices fall.”
Consumers are shelling out "hundreds of millions less" on gasoline each week compared to 2022.
Gasoline prices are predicted to keep falling this week, he added.
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Gasoline Cheapest in Mississippi, Texas and Louisiana
The most common US gas price at the pump is $3.39 per gallon, which remains the same as last week, followed by $3.29, $3.19, $3.49, and $3.09, according to GasBuddy, which receives price data from over 150,000 gas stations in the US.
The median U.S. gas price is $3.37 per gallon, which is a decline of 8 cents from last week.
The top 10% of stations in the country average $4.78 per gallon, while the bottom 10% average $2.90 per gallon.
The states selling the cheapest gasoline are Mississippi at $2.97 a gallon Texas at $3.02 a gallon and Louisiana at $3.06 a gallon.
Gasoline costs the most in California at $4.77 a gallon, followed by Hawaii at $4.73 a gallon and Arizona at $4.70 a gallon.
Oil Prices Continue to Fall
Crude oil prices have dipped with concerns about the latest bank crisis and the looming deadline for the debt ceiling situation. Prices for West Texas Intermediate (WTI) rallied slightly while Brent crude fell on Tuesday.
After declining for three weeks, oil prices rebounded and rose by 4% on May 5 as fears of a recession receded slightly due to a good jobs report in April.
Demand for oil globally will continue to rise throughout the year and could reach a record high during the second half of 2023, said Rob Thummel, senior portfolio manager at Tortoise in Overland Park, Kan.
"Global oil inventories are below normal and will likely remain below normal as higher demand and less supply deplete inventories throughout the year," he said.
Oil prices will rebound and will reach $85 to $95 a barrel for the year, Thummel said.
