U.S. gasoline prices fell -6.4¢ last week to an average of $3.02/gal, now -13.7¢ MoM and -14.4¢ YoY, putting the national average near the $3 threshold for the first time in years amid broad price declines across most states.

• Diesel prices declined -3.5¢ to $3.628/gal, with the median diesel price at $3.53/gal, about -10¢ below the national average.

• The most common gas price was $2.79/gal (-20¢ WoW), while the median was $2.85/gal (-9¢ WoW).

• State averages were lowest in Oklahoma ($2.50), Mississippi ($2.62), and Texas ($2.62); highest in California ($4.62), Hawaii ($4.46), and Washington ($4.41).

• The largest weekly declines were in Ohio (-18.3¢), Michigan (-13.9¢), and Indiana (-13.4¢).

• WTI crude dropped below $60/bbl before rebounding to $59.49, down from $61.85 last week, while Brent eased to $63.32 from $65.56, reflecting renewed trade tensions between the U.S. and China.

• EIA data showed crude inventories up +3.7M bbl and gasoline inventories down -1.6M bbl, while refinery utilization rose to 92.4% and implied gasoline demand increased +401k bpd to 8.92M bpd.

• GasBuddy noted that over 40 states saw declines, and with oil prices easing, the national average could soon fall below $3/gal, the lowest level in several years.