Gas prices decline leading toward 4th of July weekend

MADISON – Gas takes center stage again this week as the average gasoline prices in Madison have fallen 9.1 cents per gallon in the last week, averaging $3.40/g on Monday, according to Gas-Buddy’s survey of 261 stations in Madison and Huntsville. Prices locally are 56.9 cents per gallon lower than a month ago and stand 63.3 cents per gallon higher than a year ago. The national average price of diesel has decreased 11.4 cents compared to a week ago and stands at $4.876 per gallon.

The national average price of gasoline has fallen 6.9 cents per gallon in the last week, averaging $3.78/g to start the week. The national average is down 55.6 cents per gallon from a month ago and stands 64.2 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

“Average gasoline prices fell in 46 states over the last week, with diesel declining in 49, pushing the national average to its lowest level since mid-March,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The declines came despite a turbulent week, as fresh attacks were traded between the U.S. and Iran before both sides agreed to halt hostilities just in time Sunday, preventing what could have been a significant spike in oil prices” “For now, GasBuddy anticipates the national average will continue drifting lower this week, though the situation remains anything but predictable. A handful of price-cycling states could see prices jump ahead of the July 4 holiday, while many states that already cycled higher last week should see prices fall back down. Motorists in non-cycling states are likely to see continued relief, but the fragile nature of the U.S.-Iran situation means the outlook could shift quickly.”