US gasoline prices fall to lowest level since March, diesel hits multi-year lows

U.S. drivers are seeing relief from high gas prices at the pump, GasBuddy data showed Monday.

According to GasBuddy, average gas prices across the country fell for the third week in a row on Monday, down another 4.2 cents from this time last week to $3.37 a gallon.

The national average is now 11.4 cents per gallon below the same period a month ago.

Diesel prices are also down week-over-week, falling to $3.69 per gallon for a new multi-year low.

“Gasoline and diesel prices continue to fall across much of the country as summer demand fades. Lower demand in other oil-consuming countries is also helping to drive downward pressure on pump prices as we approach Labor Day,” GasBuddy’s head of oil analysis Patrick De Haan said in a Monday blog post – and they don’t expect retail gas. prices will continue to rise in the near future, signaling that the United States may be coming out of summer demand and the corresponding high prices.

“With little new action in the Middle East to boost prices and Hurricane Ernesto remaining far out at sea, it looks like the downtrend could continue into next week. As more schools begin to resume, demand for gasoline will likely continue to decline. With the transition to winter gasoline less than a month away for most of the nation, gas prices will soon begin to cool seasonally – and so will temperatures soon.”

High gas prices are troubling Vice President Kamala Harris, who is on the ticket for the US presidential race in November. The administration has battled high gasoline prices since the start of its tenure, releasing hundreds of millions of barrels of crude from the nation’s Strategic Petroleum Reserve to appease consumers by keeping a lid on rising prices.

By Julianne Geiger for Oilprice.com

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