(GasBuddy) After a short-lived reprieve, the nation’s average price of gasoline has climbed, rising 5.6 cents compared to a week ago, and stands at $3.03 per gallon, 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 up 3.0 cents from a month ago and is 2.9 cents per gallon lower than a year ago. The national average price of diesel has increased 1.5 cents in the last week and stands at $3.488 per gallon. “Oil prices have surged to nearly $74 per barrel, the highest level in months, driven by optimism that China’s recent economic policy shifts could boost oil demand, resulting in one of the largest weekly climbs in U.S. gas prices in months,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While the national average dipped below $3 per gallon for a few days in recent weeks, those days are likely behind us. GasBuddy’s 2025 Fuel Outlook, released last week, forecasts continued slight increases at the pump in the weeks ahead, before the larger seasonal spike begins in mid-to-late February and lasts through spring.” OIL PRICESWith optimism over China’s stimulus and potential economic rebound in full view, oil prices saw a rally emerge last week, bringing them to multi-month highs. While gains may have been tempered by a stronger U.S. dollar, a decline in crude oil inventories may also have put upward pressure on WTI and Brent. In early Monday trade, a barrel of WTI crude oil was up 15 cents to $74.11 per barrel, up from last week’s $70.55 per barrel start. Brent crude oil was up 20 cents in early Monday trade to $76.71, up over $2 from last week’s $74.09 per barrel start. With oil inventories sagging into 2025, there could be additional upside momentum, especially with open interest rising to kick off the New Year. U.S. oil inventories stand just a few million barrels north of the 2024 low point and lag the five-year average by over 20 million barrels. OIL AND REFINED PRODUCTSLast week’s report from the EIA showed a 1.2 million barrel dip in U.S. crude oil inventories, which are nearly 4% lower than a year ago, while the SPR tacked on 300,000 barrels. Domestic oil production fell slightly to 13.573 million barrels per day, some 373,000bpd higher than a year ago. Gasoline inventories jumped 7.7 million barrels, but remain over 2% lower than a year ago, while distillate inventories surged 6.4 million barrels, but also remain over 2% lower than a year ago. Refinery utilization rose 0.2 percentage points to 92.7%, while implied gasoline demand, EIA’s proxy for retail consumption, fell 840,000bpd to a meager 8.168 million barrels. GAS PRICE TRENDSThe most common U.S. gas price encountered by motorists stood at $2.99 per gallon, unchanged from last week, followed by $2.79, $2.89, $3.09, and $3.19 rounding out the top five most common prices. The median U.S. gas price is $2.97 per gallon, up 8 cents from last week and about 6 cents lower than the national average. The top 10% of stations in the country average $4.13 per gallon, while the bottom 10% average $2.48 per gallon. The states with the lowest average prices: Oklahoma ($2.49), Mississippi ($2.57), Texas ($2.63). The states with the highest average prices: Hawaii ($4.48), California ($4.31), and Washington ($3.84). Biggest weekly changes: Delaware (+29.0¢), Maryland (+18.5¢), Michigan (+6.9¢), Ohio (+6.4¢), Indiana (+6.0¢) DIESEL PRICE TRENDSThe most common U.S. diesel price stood at $3.49 per gallon, unchanged from last week, followed by $3.39, $3.19, $3.59, and $3.29 rounding out the top five most common prices. The median U.S. diesel price is $3.39 per gallon, unchanged from last week and about 10 cents lower than the national average. Diesel prices at the top 10% of stations in the country average $4.30 per gallon, while the bottom 10% average $2.91 per gallon. The states with the lowest average diesel prices: Oklahoma ($2.99), Texas ($3.06), and Mississippi ($3.11). The states with the highest average diesel prices: Hawaii ($5.23), California ($4.79), and Washington ($4.24). Biggest weekly changes: Delaware (+11.6¢), South Carolina (+11.5¢), New Jersey (+10.5¢), Maryland (+9.2¢), Colorado (+6.5¢).