(GasBuddy) After a brief respite, the national average price of gasoline returned to a rise over the last week, climbing 3.3 cents compared to a week ago, and stands at $3.16 per gallon Monday, according to GasBuddy® data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is unchanged from a month ago and is 41.8 cents per gallon lower than a year ago. The national average price of diesel has risen 4.0 cents in the last week and stands at $3.58 per gallon. “The national average price of gasoline has returned to a slight climb over the last week as Iran’s attack on Israel has slowly funneled to the gas pump, as expected. For now, while Milton has left a third of all stations in Florida without gas, the storm itself is not impacting prices, and the situation in Florida is expected to improve,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With oil prices recently starting to fall again, the rise we saw could end before you know it. And with restoration happening in Florida, we could start to see a decline in gas prices in the weeks ahead, with a good chance of seeing the first sub-$3 per gallon national average since 2021.” OIL MARKETSAfter surging due to Iran’s attack on Israel, oil prices have begun to fade slightly as China’s economy again steps into the spotlight, with the Chinese finance minister suggesting that monetary stimulus measures failed to stimulate the Chinese economy. In addition, OPEC cut its demand forecast for crude oil, with demand rising by 1.9 million barrels per day in 2024, down from 2 million from its previous forecast, and revising down its expectation for crude oil demand in 2025. In early trade, WTI crude oil was down $1.62 to $73.94 per barrel, down from $75.72 last Monday. Brent crude was down $1.60 to $77.44 per barrel, down from $79.27 last Monday. OIL AND REFINED PRODUCTSLast week’s report from the EIA showed a 5.8 million barrel increase in oil inventories, which stand slightly lower than last year, while the SPR added another 400,000 barrels. Gasoline inventories fell a significant 6.3 million barrels and are 4% below the five-year average, while distillate inventories fell 3.1 million barrels and are 9% below the five-year average. Refinery utilization fell 0.9 percentage points to 86.7%. FUEL DEMANDAccording to GasBuddy demand data driven by its Pay with GasBuddy™ fuel card, U.S. retail gasoline demand saw a drop of 7.9% for the week ending October 12 (Sun-Sat). Broken down by PADD region, demand fell 7.2% in PADD 1, fell 9.7% in PADD 2, fell 5.1% in PADD 3, fell 8.8% in PADD 4, and fell 8.4% in PADD 5. GasBuddy models U.S. gasoline demand at 7.91 million barrels per day. GAS PRICE TRENDSThe most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $3.19, $3.09, $2.89, and $2.79 rounding out the top five most common prices. The median U.S. gas price is $3.07 per gallon, up 7 cents from last week and about 9 cents lower than the national average. The top 10% of stations in the country average $4.39 per gallon, while the bottom 10% average $2.59 per gallon. The states with the lowest average prices: Georgia ($2.67), Mississippi ($2.73), Texas ($2.73). The states with the highest average prices: California ($4.59), Hawaii ($4.53), and Washington ($3.99). Biggest weekly changes: Indiana (+13.1¢), Tennessee (+11.0¢), Ohio (+9.8¢), Kentucky (+8.9¢), Louisiana (+7.7¢) DIESEL PRICE TRENDSThe most common U.S. diesel price stood at $3.39 per gallon, unchanged from last week, followed by $3.59, $3.49, $3.69, and $3.79 rounding out the top five most common prices. The median U.S. diesel price is $3.49 per gallon, up 5 cents from last week and about 9 cents lower than the national average for diesel. Diesel prices at the top 10% of stations in the country average $4.45 per gallon, while the bottom 10% average $2.96 per gallon. The states with the lowest average diesel prices: Texas ($3.08), Georgia ($3.18), and Mississippi ($3.21). The states with the highest average diesel prices: Hawaii ($5.24), California ($4.88), and Washington ($4.33). Biggest weekly changes: Delaware (+14.5¢), Maryland (+12.8¢), New Jersey (+12.8¢), Oklahoma (+9.7¢), Colorado (+8.7¢).