Americans are racing to the gas pumps as fuel prices continue to fall across the nation.
According to data collected by GasBuddy from over 150,000 gas stations across the country, the nation’s average price of gasoline has declined 5.3 cents in the last week and fallen 36.3 cents from last month. Diesel prices have dropped 3.4 cents in the last week.
According to a GasBuddy survey of 4,378 gas stations, gasoline prices in Illinois are experiencing similar price drops with the average cost falling 7.8 cents per gallon during the last week and dropping 25 cents per gallon over the last month.
GasBuddy price reports found the cheapest station in Illinois was only $2.75 per gallon on Tuesday. Gas prices in Illinois have not been this low since 2020 when the average price per gallon was $2.17.
“Average gasoline prices have fallen for a sixth straight week in nearly every state, with the national average now at its lowest level since March,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “ For now, I believe we could see a further 10-20 cent drop in the national average in the weeks ahead, but any jolt in the delicate Middle East still holds the potential to disrupt the drop we’re seeing.”
The Organization of the Petroleum Exporting Countries estimates that 80% of the world’s proven oil reserves are in OPEC Member countries, and 67% of those countries are located in the Middle East.
Global crude oil cost is the greatest contributing factor in the retail cost of gasoline and accounts for 50% of the price customers pay at the pump, according to the American Petroleum Institute.
Gas prices are not set by singular corporations but are a result of interactions and decisions between thousands of independent refiners, buyers and sellers. This means gas prices can change at any moment, so fill up at current prices while you can.
