US Gas Prices Drop to $4.22 While Diesel Holds Near $6.33

The national average price for gasoline fell five cents per gallon over the past week, dropping to $4.22 on Thursday. This decrease brings the current rate more than 20 cents below the level seen one month ago. The price on Thursday was two cents lower than the figure reported on Wednesday.

Diesel costs moved in the opposite direction, rising three cents to reach a national average of $6.33 per gallon on Thursday. The price remains approximately 20 cents below the record high established on September 22. According to Trading Economics, crude oil prices stood at about $102 per barrel on Thursday. This figure continues an upward trend that began at the start of the month, following a dip to $88 per barrel on October 7.

The current oil market environment follows a period of volatility linked to geopolitical events. Prices surged after the U.S.-led campaign against Iran began on February 28, with crude oil exceeding $112 per barrel in early April. Costs dropped sharply at the end of June, falling below $70 per barrel before rising again. The recent spike has kept prices below the April peak.

European Union Energy Commissioner Dan Jorgensen told reporters that member countries have reaffirmed their commitment to release 42.6 million barrels of reserves in the coming months. He noted that about half of this volume will be diesel. French Economy Minister Roland Lescure stated on Thursday that this release will take place over the next three months.

U.S. Central Command announced on Sunday that U.S. forces assisted in the export of more than 1.5 billion barrels of crude oil through the Strait of Hormuz since the summer. President Donald Trump announced on Tuesday the arrival of one million barrels of oil from Venezuela. He described the shipment as being provided at no cost to American taxpayers and labeled it part of the largest oil deal in history.