(GasBuddy) For the first time in nine weeks, the nation’s average gas price has declined, falling 4.2 cents from a week ago to $4.97 per gallon Monday according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country. The national average is up 37.3 cents from a month ago and $1.92 per gallon higher than a year ago. The national average price of diesel has risen 2.6 cents in the last week and stands at $5.80 per gallon.

“Finally some relief! For the first time in nine weeks, gasoline prices have fallen, following a broad sell-off in oil markets last week, pushing the national average back under the $5 level with most states seeing relief at the pump,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “I’m hopeful the trend may continue this week, especially as concerns appear to be mounting that we may be on the cusp of an economic slowdown, putting downward pressure on oil. But the coast isn’t yet entirely clear. We could see the national average fall another 15 to 30 cents, if we’re lucky, by the time fireworks are flying, barring any unexpected shutdowns at a time when the market is extremely sensitive to such.”

OIL PRICES

Oil prices saw a mixed bag with light volume due to the Juneteenth holiday, with West Texas Intermediate crude oil down 2 cents to $109.54 per barrel, nearly $10 lower than last Monday’s $118.81 print. Brent was last down 14 cents to $112.98 per barrel, off nearly $8 from last week’s $120.42 fetch. Oil has seen some volatility over the last week after the Federal Reserve increased interest rates, with oil then selling off later in the week with worries over an economic slowdown intensifying.

According to Baker Hughes, last week’s U.S. rig count was up 7 to 740, and was 270 rigs higher than a year ago. The Canadian rig count was up 15 to 156, 39 more than a year ago.

OIL AND REFINED PRODUCT INVENTORIES

According to data from the Energy Information Administration, last week saw U.S. crude oil inventories rising by 2 million barrels, while the SPR fell nearly 8 million barrels. Oil inventories now stand 10% below last year and 14% below the five year average for this time of year. Gasoline inventories fell by 700,000 barrels and stand nearly 11% below a year ago and the five year average for this time of year. Distillate inventories rose 700,000 barrels but stand nearly 20% lower than a year ago and 23% below the five year average for this time of year. Refinery utilization fell half a percentage point to 93.7%, while gasoline production fell slightly to 10 million barrels per day and distillate production fell to 4.9 million barrels per day. Total U.S. supplies are down 9.2% or 118 million barrels from a year ago.

FUEL DEMAND

According to GasBuddy demand data driven by its Pay with GasBuddy card, U.S. retail gasoline demand saw a rise last week (Sun-Sat). Nationally, weekly gasoline demand rose 6.3% from the prior week, while demand rose 5.2% in PADD 1, rose 8.6% in PADD 2, rose 4.6% in PADD 3, rose 7.2% in PADD 4, and rose 5.0% in PADD 5.

GAS PRICE TRENDS

The most common U.S. gas price encountered by motorists stood at $4.99 per gallon, unchanged from last week, followed by $4.79, $4.69, $4.59, and $4.89 rounding out the top five most common prices.

The median U.S. price is $4.85 per gallon, down 4 cents from last week and about 12 cents lower than the national average.

The top 10% of stations in the country average $6.15/gal, while the bottom 10% average $4.38/gal.

The states with the lowest average prices: Georgia ($4.46), Mississippi ($4.47), and Arkansas ($4.50).

The states with the highest prices: California ($6.38), Nevada ($5.62), and Alaska ($5.59).