(GasBuddy) For the sixth straight week, the nation’s average price of gasoline has declined, falling 1.4 cents compared to a week ago, and stands at $3.01 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 11.2 cents from a month ago and is 23.7 cents per gallon lower than a year ago. The national average price of diesel has declined 1.3 cents in the last week and stands at $3.503 per gallon. “Ahead of Thanksgiving, motorists continue to be teased by the prospect of a $2.99 per gallon national average, a level now seen in 32 states. But for the last few weeks, the stars just haven’t quite aligned,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Last week, Russia’s threats after Ukraine used long-range U.S. missiles pushed oil prices back above $70 per barrel. Some promotions ahead of Thanksgiving are pushing gas prices back down, even as oil remains elevated. For now, we’re just pennies away from the national average falling to $2.99, but for a third year, we may again fall short. As Americans prepare to hit the road for Thanksgiving, we’re seeing the lowest national average price of gasoline since 2021, with a far better economic picture than when gas prices were last this low.” OIL PRICES After spending weeks below $70, oil prices have edged higher on tensions between Russia and Ukraine after the United States approved Ukraine’s use of longer-range missiles, leading Russia to re-write its nuclear doctrine, raising concerns that oil production or escalations could increase the risk to oil markets. In addition, Russia launched a hypersonic missile at Ukraine, changing the risk calculus as well. In early Monday trade, a barrel of WTI crude was down 6 cents to $71.18 per barrel, up from $67.47 a week ago, while Brent crude was down 3 cents to $75.14, up from $71.65 per barrel last Monday. OIL AND REFINED PRODUCTS Last week’s report from the EIA showed a 500,000 barrel rise in U.S. oil inventories, while the SPR tacked on another 1.4 million barrels and domestic crude production fell to 13.2 million barrels as the EIA revised its estimates. Gasoline inventories rose 2.1 million barrels, but remain 4% below the five-year average, while distillate inventories fell 100,000 barrels and are also 4% below the five-year average. Refinery utilization fell 1.2 percentage points to 90.2%, likely as product prices come under pressure, while total exports reached 10.96 million barrels per day. GAS PRICE TRENDS The most common U.S. gas price encountered by motorists stood at $2.99 per gallon, up 10 cents from last week, followed by $2.89, $2.79, $3.19, and $2.69 rounding out the top five most common prices. The median U.S. gas price is $2.89 per gallon, down 2 cents from last week and about 12 cents lower than the national average. The top 10% of stations in the country average $4.13 per gallon, while the bottom 10% average $2.45 per gallon. The states with the lowest average prices: Oklahoma ($2.43), Mississippi ($2.58), Texas ($2.60). The states with the highest average prices: Hawaii ($4.53), California ($4.37), and Washington ($3.90). Biggest weekly changes: Michigan (-13.3¢), Colorado (-9.9¢), New Jersey (+9.2¢), Indiana (-8.8¢), Maryland (-8.8¢) DIESEL PRICE TRENDS The most common U.S. diesel price stood at $3.49 per gallon, unchanged from last week, followed by $3.39, $3.29, $3.59, and $3.19 rounding out the top five most common prices. The median U.S. diesel price is $3.41 per gallon, down 2 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 $4.31 per gallon, while the bottom 10% average $2.89 per gallon. The states with the lowest average diesel prices: Oklahoma ($2.99), Texas ($3.01), and Mississippi ($3.11). The states with the highest average diesel prices: Hawaii ($5.32), California ($4.81), and Washington ($4.31). Biggest weekly changes: New Mexico (+8.3¢), Utah (-7.6¢), Hawaii (+6.3¢), South Carolina (+6.2¢), Montana (-5.8¢).