Gas prices are dropping below $3 per gallon by Christmas, national average could fall by Christmas

The previous week was the largest weekly decline since August, according to AAA.

GasBuddy predicts that prices will decline and the national average will be below $3 per gallon by Christmas.

What Happened: In the previous week, the national average pump price for a gallon of gas decreased by 12 cents to settle at an average of $3.44. The price of oil dipped in the interim due to worries about global economic slowdowns.

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AAA s Andrew Gross said that prices of gas are dropping nationwide, with some of the largest decreases happening on the West Coast. The West also has the farthest fall because its prices are so high. California is still $1.50 higher than the national average. Patrick De Haan, the head of petroleum analysis at GasBuddy, claims that the bears are in full control of the oil markets.

As the weather cools and more people go to malls, prices are falling as a result of protests in China over its zero-covid policies, city shutdowns, and seasonal pressure on demand in the U.S.

All metrics look positive for motorists as this week is likely to see falling gasoline prices fall, with many areas falling to the lowest level since Russia invaded Ukraine in February, De Haan said.

The Energy Information Administration EIA reported last week that gas demand decreased from 8.74 million to 8.33 million barrels per day.

It matters: The total domestic gasoline stock, now at 211 million barrels of gasoline, has increased by more than 3 million barrels of gasoline per day. Pump prices have fallen due to rising supply and a decrease in demand. The drivers can expect pump prices to decline as demand is weak and stockpiles are increasing.

It is entirely possible that the national average gasoline price could fall below $3 per gallon by Christmas, which would be a huge gift for motorists after a dizzying year at the pump, De Haan noted.

The top 10% of stations in the country average $4.89 per gallon, while the bottom 10% average $2.75 per gallon.

The states with the lowest average prices:

The states with the highest average prices:

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