The U.S. Energy Information Administration’s (EIA) latest gasoline fuel update, which was released this week, showed a declining trend for the U.S. regular gasoline price.
According to the update, the U.S. regular gasoline price averaged $3.124 per gallon on October 6, $3.061 per gallon on October 13, and $3.019 per gallon on October 20. The October 20 price was down $0.042 from the week ago price and down $0.125 from the year ago price, the update highlighted.
Of the five Petroleum Administration for Defense District (PADD) regions highlighted in the EIA’s latest fuel update, the West Coast was shown to have the highest U.S. regular gasoline price as of October 20, at $4.166 per gallon. The Gulf Coast was shown in the update to have the lowest U.S. regular gasoline price as of October 20, at $2.556 per gallon.
A glossary section of the EIA site notes that the 50 U.S. states and the District of Columbia are divided into five districts, with PADD 1 further split into three subdistricts. PADDs 6 and 7 encompass U.S. territories, the site adds.
A blog posted on the GasBuddy website on October 20 stated that, according to GasBuddy, the national average price of gasoline in the U.S. fell below $3 per gallon on Sunday for the first time since December 29, 2024.
“Seasonal factors could push prices even lower in the coming weeks,” the blog said.
“GasBuddy forecasts the national average could dip into the $2.80s by year’s end as gasoline demand eases, and oil prices remain near multi-year lows,” it added.
“The recent decline stems largely from OPEC’s decision earlier this year to increase oil production – marking a shift from its 2023 strategy of cutting output to prop up prices. Since March 2025, OPEC+ has steadily raised production, fueling expectations of a potential crude glut,” it continued.
“Some investment banks now warn oil could fall into the $40 per barrel range as early as 2026. Combined with falling seasonal demand and the switch to cheaper winter gasoline, pump prices have dropped sharply, including a $1.99 per gallon cash price reported to GasBuddy at a station in Evans, Colorado,” the GasBuddy blog continued.
In this blog, Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said, “we saw a few $2.99 days last year, but this year brings the strongest potential for extended sub-$3 prices since 2021”.
“This drop is overwhelmingly being driven by the significant increase in oil production from OPEC throughout 2025, which has meaningfully rebalanced the global oil market,” he added.
“That, combined with weaker demand and inflation finally easing, has created the perfect environment for lower prices,” he continued.
GasBuddy’s live ticking average for regular gasoline in the U.S. was $3.073 per gallon as of 6.35am EST on October 24. The figure was 0.2 cents down from yesterday’s average, 3.6 cents up from last week’s average, 8.4 cents down from last month’s average, and 6.0 cents down from last year’s average, GasBuddy’s website highlighted.
According to the AAA Fuel Prices website, the average price of regular gasoline in the U.S. is $3.068 per gallon, as of October 24. Yesterday’s average was $3.071 per gallon, the week ago average was $3.051 per gallon, the month ago average was $3.163 per gallon, and the year ago average was $3.150 per gallon, the site showed.
The highest recorded average price of regular gasoline in the U.S. was seen on June 14, 2022, at $5.016 per gallon, the AAA Fuel Prices website outlined.
To contact the author, email andreas.exarheas@rigzone.com
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