(GasBuddy) For the fifth straight week, the nation’s average price of gasoline has declined, falling 0.7 cents compared to a week ago, and stands at $3.02 per gallon Monday, the lowest level since May 2021, 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 down 15.2 cents from a month ago and is 27.6 cents per gallon lower than a year ago. The national average price of diesel has declined 0.4 cents in the last week and stands at $3.516 per gallon. “Several states saw gas prices jump or ‘cycle’ last week, a behavior in which gas prices climb significantly after falling below a station’s replacement price. This led the national average to see little meaningful change from last week, with many states experiencing a slow decline, offsetting the few states that did see big jumps,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, the good news is that those states that saw large jumps last week will likely see some of the biggest declines at the pump this week, paving the way for the national average to fall, potentially below $3 per gallon, just in time for Thanksgiving, with GasBuddy tracking 28 states already below that level.” OIL PRICES After falling to the lowest level in months, oil prices crept up in early Monday trade as Russia launched fresh attacks on Ukraine, the largest in months, causing significant damage to Ukraine’s power system. In early trade, a barrel of WTI crude oil was up 45 cents to $67.47 per barrel, down from last week’s $68.75 per barrel start. Brent crude oil was also trading higher, up 61 cents to $71.65 per barrel, down slightly from last week’s $72.34 per barrel start. While attention was on Russia’s attack on Ukraine, concerns were rising about demand in China once again, with the potential of an oil surplus in 2025 continuing to mount. OIL AND REFINED PRODUCTS Last week’s report from the EIA showed a 2.1 million barrel rise in U.S. oil inventories, which is 4% below the seasonal five-year average, while the SPR added 600,000 barrels, and stands 10.4% above last year’s level. Domestic crude oil production nudged 100,000bpd lower to 13.4 million. Gasoline inventories fell by a significant 4.4 million barrels and stand down nearly 9 million from a year ago, while distillate inventories fell by 1.4 million barrels. Refinery utilization rose by 0.9 percentage points to reach 91.4% as refiners complete their fall maintenance. FUEL DEMAND GasBuddy’s fuel demand metrics that come from the transactional information from the Pay with GasBuddy™ fuel card will be temporarily discontinued as GasBuddy prepares to launch some exciting improvements and changes. We hope to make the information available down the road again. GAS PRICE TRENDS The most common U.S. gas price encountered by motorists stood at $2.89 per gallon, down 10 cents from last week, followed by $2.99, $2.79, $3.09, and $3.19 rounding out the top five most common prices. The median U.S. gas price is $2.91 per gallon, unchanged from last week and about 11 cents lower than the national average. The top 10% of stations in the country average $4.19 per gallon, while the bottom 10% average $2.44 per gallon. The states with the lowest average prices: Oklahoma ($2.50), Mississippi ($2.59), Texas ($2.60). The states with the highest average prices: Hawaii ($4.52), California ($4.38), and Washington ($3.91). Biggest weekly changes: Delaware (+16.8¢), Maryland (+14.4¢), Colorado (-12.6¢), New Mexico (-11.3¢), Indiana (+9.8¢) DIESEL PRICE TRENDS The most common U.S. diesel price stood at $3.49 per gallon, unchanged from last week, followed by $3.39, $3.59, $3.29, and $3.19 rounding out the top five most common prices. The median U.S. diesel price is $3.43 per gallon, up 1 cent from last week and about 8 cents lower than the national average for diesel. Diesel prices at the top 10% of stations in the country average $4.37 per gallon, while the bottom 10% average $2.89 per gallon. The states with the lowest average diesel prices: Oklahoma ($3.01), Texas ($3.03), and Mississippi ($3.11). The states with the highest average diesel prices: Hawaii ($5.28), California ($4.80), and Washington ($4.31). Biggest weekly changes: Colorado (-10.0¢), Utah (-7.9¢), New Mexico (-7.7¢),  South Carolina (-7.6¢), Montana (-5.4¢).