9 months ago
US Gas Prices Fall Below $3 per Gallon
Gas prices in the US have dropped below $3 per gallon for the first time in over four years.
This is great news for drivers, especially as the holiday season approaches.
The prices have been falling because of cheaper winter fuel blends, lower oil costs, and less demand for gas.
Some states, like Oklahoma, Colorado, and Texas, have gas prices as low as $1.99 per gallon.
However, states like California and Washington still have higher prices above $4 per gallon.
Experts predict that the lower prices will last for about four more weeks before they start to rise again.
US gas prices fall below $3 per gallon nationwide for the first time since May 2021.
The decline is attributed to easing crude oil costs, robust refinery output, and seasonally weaker fuel demand.
All 50 states have seen a drop in gas prices, with some states like Oklahoma, Colorado, and Texas having prices as low as $1.99 per gallon.
28 states, mostly in the Midwest and Gulf Coast, average under $3 per gallon.
Coastal states like California and Washington still have prices exceeding $4 per gallon.
- Who
- US drivers and consumers
- What
- National average gas price falls below $3 per gallon
- Where
- United States, affecting all 50 states
- When
- Late November, first time since May 2021
- Why
- Easing crude oil costs, robust refinery output, and seasonally weaker fuel demand
Key facts
- National Average Price
- Lowest Prices
- States Under $3
- 28 states, mostly in the Midwest and Gulf Coast
- Highest Prices
- California and Washington exceed $4 per gallon
- Predicted Duration
- Average could remain below $3 for the next four weeks
Quotes
Patrick De Haan
Head of petroleum analysis at GasBuddy
“We haven’t seen the national average fall this low in over four years, and the speed and breadth of the decline are remarkable.”
financialexpress.com
“The decline reflects challenging fundamentals for gasoline prices right now.”
financialexpress.com
Sources
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