Declining gas prices buck annual trend and earlier expectations

MADISON – Bucking earlier expectations for mid-summer, gas prices have continued to decline. Even though the cost for gas locally has risen some since last month, it has not been this low for the 4th of July holiday period since 2020.

Average gasoline prices in Madison have fallen 4.4 cents per gallon in the last week, averaging $2.72/g on Monday, according to GasBuddy’s survey of 261 stations in the greater Huntsville area. Prices are 6.4 cents per gallon higher than a month ago and stand 41.3 cents per gallon lower than a year ago. The national average price of diesel has decreased 3.2 cents in the last week and stands at $3.644 per gallon.

The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.09/g today. The national average is down 1.1 cents per gallon from a month ago and stands 37.4 cents per gallon lower than a year ago, according to Gas-Buddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Huntsville and the national average going back five years:

July 7, 2024: $3.14/g (U.S. Average: $3.46/g)

July 7, 2023: $3.10/g (U.S. Average: $3.51/g)

July 7, 2022: $4.31/g (U.S. Average: $4.73/g)

July 7, 2021: $2.78/g (U.S. Average: $3.14/g)

July 7, 2020: $1.89/g (U.S. Average: $2.19/g)

“Nearly every state saw average gas prices decline for the second straight week, even as the nation celebrated July 4 with the lowest national average for Independence Day since 2020,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “That downward momentum may continue, as OPEC’s weekend decision to boost production by a larger-than-expected 548,000 barrels per day in August adds further pressure to oil prices— potentially accelerating supply builds. If tensions in the Middle East remain contained and the Gulf is spared from major hurricanes, the odds are improving that the national average could dip below $3 per gallon later this summer, but in the meantime we could see the national average falling to its lowest summer level since the pandemic.”