Fuel Prices Decline After Volatile Week

Photo by Kayleigh Omang, 2023

For the fourth consecutive week, the nation’s average price of gasoline dropped, falling 11.3 cents from a week ago to $3.55 per. The national average is down 29.9 cents from a month ago and 30.9 cents per gallon lower than a year ago. The national average diesel price fell 5.8 cents last week and stands at $4.48 per gallon, 55.2 cents lower than one year ago.

GasBuddy’s Patrick De Haan says, “For now, the national average is likely to soon fall to its lowest level in six months.” However, De Haan cautions, “this depends on actions that are not foreseeable, mainly the conflict in the Middle East.”

As the situation continues to unfold, markets will be watching interactions between Iran as well as responses from Israel, and while all eyes have been on those escalations, Saudi Arabia has put an end for now to a possible weapons and security pact between the U.S. and Israel.