Americans found relief at the pump as gas prices continued to slide last week, registering the steepest weekly decline since August, according to AAA.
A drop in oil prices has helped keep U.S. gas prices down because of fears of a slowdown in other parts of the world. The average cost for a gallon of gas fell to $3.54, 12 cents less than the week before, according to AAA.
Andrew Gross, AAA spokesperson said that gas prices are dropping nationwide with some of the largest decreases happening on the West Coast. The West has the farthest fall because its prices are so high. California is still $1.50 higher than the national average. If you want to save money on your auto insurance, you can change your auto insurance provider. You can find your personalized premium on Credible, without affecting your credit score.
Gas prices are expected to drop more by Christmas.
Gas prices have declined steadily over the past few weeks and could fall below $3 a gallon by the end of the year, according to GasBuddy.
Patrick De Haan, head of petroleum analysis at GasBuddy, said all the metrics look positive for motorists as this week is likely to continue seeing falling gasoline prices, with many areas falling to the lowest level since Russia invaded Ukraine in February.
It is 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 continued.
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The price for diesel fuel, which has been climbing in recent weeks, dropped to $5.18, 9 cents less than the week before, according to AAA.
The drop in diesel price is helping to alleviate the rise in inflation ahead of the holidays, according to De Haan.
Early in November, a low diesel supply caused prices to spike, which led to concerns that the costs of food and consumer goods could also increase because of the increased costs associated with transporting these goods across the nation.
If you are struggling with rising prices and want to save money, you could consider lowering your auto insurance premium. You can compare multiple car insurance providers at once, and choose the one with the best rate for you.
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