Gas Prices Fall Below $3 Nationally, Offering Relief to Drivers
COLUMBUS, Ohio (WSYX) – Drivers across the country are seeing a welcome break at the pump as the national average gas price has dropped below $3 a gallon for the first time since May 2021.This notable decrease comes as the nation heads into the winter driving season.
According to data from GasBuddy, gas prices have fallen in every state over the past week – a remarkably widespread and rapid decline.
“We haven’t seen the national average this low in over four years, and the speed and breadth of the decline are remarkable,” explains Patrick De Haan, head of petroleum analysis at GasBuddy. “The fact that every single state has experienced price relief highlights the current challenges in the gasoline market.”
Several factors are contributing to the lower prices. Crude oil costs are down, U.S. refineries are operating at high capacity, and demand for fuel is softening as the season changes. Increased gasoline inventories are also playing a role.
Currently, GasBuddy is tracking dozens of gas stations in Oklahoma, Colorado, and Texas selling gas for $1.99 a gallon or less. Thes exceptionally low prices could continue to appear in other states if market conditions hold.
Looking ahead, De Haan predicts the national average could remain below $3 for the next four weeks, potentially lasting through the winter before the typical price increase in mid-february. He also suggests the outlook for affordable gas prices is improving for the next couple of years.
To save money on fuel, GasBuddy recommends drivers use the gasbuddy app to find the lowest prices along their travel routes.Drivers can also consider joining the GasBuddy+ membership program for guaranteed savings of 3-5 cents per gallon, plus rewards at convenience stores.
