Gas prices dipped this week for the first time in three weeks

Gas prices ended 2024 slightly lower than 2023, but lately have been climbing again. But even though prices typically rise with the approach of spring, GasBuddy reports the national average prices fell this week for the first time in three weeks.

GasBuddy data put the average price at $3.08 a gallon, down nearly four cents from the previous week. The data cover prices at more than 150,000 gas stations nationwide.

“With the sharp gas price increases on the West Coast now fading, the national average has dipped slightly over the past week, said Patrick De Haan, head of petroleum analysis at GasBuddy, writing in the company blog. 

“While some areas are seeing increases, others are experiencing stability or even slight declines, as the bulk of the seasonal transition has yet to significantly impact gasoline prices — certainly good news for motorists.”  

According to DeHaan, oil prices have remained steady in the low $70s, but geopolitical concerns could be a wildcard.

‘March madness’

“As we inch closer to March, the typical March madness will eventually take hold, so motorists may want to enjoy the slight decline while it lasts,” he said. “While I don’t see an abrupt spike in the national average just yet, we’re likely to see upward movement in the weeks ahead.”

Meanwhile, U.S. stockpiles of crude oil are declining. The U.S. Energy Information Administration reports crude inventories dipped last week but while gasoline and distillate fuel supplies increased, attributed to increasing capacities at the nation’s refineries.

Within weeks refineries are expected to reduce capacity as they perform maintenance – a task that normally results in an uptick in prices at the pump.