June 2024 Gasoline Value Replace: Downward Development Continues – Gasoline

The summer time gasoline worth cooldown continues as we strategy mid-June. The nationwide common gasoline worth has confirmed a downward pattern over the past two weeks.

In line with U.S. Power Data Administration knowledge, the nationwide common gasoline worth sits at $3.42 per gallon, down nearly 9 cents from the earlier week and 16 cents from the identical time final yr.

In line with GasBuddy, the nationwide common is down about 23 cents from a month in the past. GasBuddy’s knowledge is compiled from greater than 12 million particular person worth stories masking over 150,000 gasoline stations throughout the nation. It differs barely from EIA knowledge.

“We’ve seen one of many bigger weekly drops within the nationwide common worth of gasoline in a while, and what unimaginable timing that it comes originally of the summer time driving season,” GasBuddy Head of Petroleum Evaluation Patrick De Haan stated. “Not solely have gasoline costs plummeted in almost each state within the final week, however almost each state has additionally seen costs drop in comparison with a month in the past.”

The value of diesel has fallen alongside gasoline to its lowest stage since Russia’s invasion of Ukraine in early 2022, De Haan famous. Try Work Truck to see which areas have the most cost effective diesel costs.

U.S. Regional Gasoline Costs as of June 11, 2024

Common gasoline costs throughout the U.S. proceed to fall. In line with EIA knowledge, costs by area as of June 11 are:

• East Coast: $3.37
• Midwest: $3.26
• Gulf Coast: $2.95
• Rocky Mountain: $3.26
• West Coast: $4.37

The Gulf Coast and Rocky Mountain areas each noticed the best drop in comparison with the earlier week, with a mean drop of 9 cents per gallon.

This is how the info breaks down state by state, in keeping with AAA knowledge as of June 11:

De Haan stated he expects extra declines forward of July 4 for each gasoline and diesel costs.

U.S. Regional Gasoline Costs as of June 5, 2024

Because the summer time heats up, gas costs are cooling down. Regardless of a quick rise to finish Might, the nationwide common gasoline worth is slowly declining. In line with GasBuddy, the nationwide common was down 15.9 cents from a month in the past, and was 1.9 cents per gallon increased than a yr in the past.

EIA knowledge reveals the typical worth of gasoline within the U.S. at $3.51 per gallon. That is down six cents from the earlier week.

Here’s a breakdown of common common unleaded gasoline costs by area, as of June 5, in keeping with EIA knowledge:

• East Coast: $3.44
• Midwest: $3.34
• Gulf Coast: $3.04
• Rocky Mountain: $3.36
• West Coast: $4.48

The Midwest noticed the best drop over the earlier week, down 11 cents per gallon, whereas New England noticed the bottom drop at 4 cents.

“The calendar has closed on Might, and so too has the door closed on rising gasoline costs, with the nationwide common declining to its lowest stage since March. Fortunately, gasoline costs are unlikely to be moved by OPEC’s assembly and settlement to increase manufacturing cuts into 2025, main the nationwide common to fall under $3.50 within the subsequent week,” GasBuddy Head of Petroleum Evaluation Patrick De Haan stated.

Gasoline costs throughout the Gulf Coast and Midwest make up a few of the lowest within the nation. This is how the info breaks down state by state, in keeping with AAA knowledge as of June 5:

De Haan went on to say that GasBuddy knowledge reveals gasoline demand will proceed to plummet after Memorial Day. That issue, mixed with refiners’ efforts to enter the most important quantity of oil into their services in years, it’s possible the drop will proceed as we strategy the July 4 vacation.