US Gas Prices Dip as Great Lakes Refinery Restarts

National average gasoline prices decreased by 1.6 cents to $4.42 per gallon over the past week, with declines occurring in slightly more than half of U.S. states. GasBuddy reported that the Great Lakes region saw the most significant drops following the successful restart of a major refinery, including a 21.1 cent decline in Fort Wayne, Indiana, and a 7.0 cent drop in Minnesota. National diesel prices also fell 4.1 cents to approximately $6.45 per gallon.

Regional relief varied across the country. Tennessee averages fell to between $4.01 and $4.03 per gallon, while Montana saw its first decline in four weeks, with prices dropping 1.4 cents to $4.56. Conversely, refinery issues on the West Coast pushed prices higher in that region. Despite these weekly dips, prices remain substantially higher than last year, with Tennessee averages up roughly $1.31 per gallon and Montana prices $1.42 higher.

Analysts attribute the current relief to crude oil prices remaining below $100 per barrel. However, market volatility persists. Patrick De Haan of GasBuddy noted that geopolitical tensions in the Strait of Hormuz and a potential diesel export ban being considered by Donald Trump could push prices in either direction with little warning.