Could the Venezuelan situation lead to lower gas prices in the U.S.? GasBuddy weighs in on this complex issue.
The national average price of gasoline has been on a downward trend, falling 1.2 cents over the last week to $2.74 per gallon, according to GasBuddy data. This is a significant drop from a month ago, when the average was $2.95 per gallon, and a year ago, when it was $3.03 per gallon. The national average price of diesel has also decreased, falling 2.3 cents in the last week to $3.498 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, explains, "Motorists have been witnessing a sixth straight weekly decline in the national average price of gasoline, driven by seasonality. While some states saw price increases this week, these were primarily in 'price-cycling' markets, where routine jumps often follow larger declines. Most states experienced price decreases.
De Haan continues, "As we release our 2026 Fuel Outlook this week, we'll gain a clearer understanding of what drivers may face next year. Recent developments in Venezuela have brought renewed attention to the global oil market. Some Americans believe gasoline prices could be significantly impacted. However, I caution against this assumption. Even under optimistic scenarios, it could take years for additional supply to make a meaningful difference, and the impact on U.S. prices may be limited. For now, I predict gas prices will bottom out in the coming weeks before rising again due to seasonal trends."
