For the third straight week, the nation’s average gas price declined, falling 12.4 cents from a week ago to $3.52 per gallon. The national average is down 22.7 cents from a month ago and 14.1 cents per gallon higher than a year ago. The national average price of diesel fell 7.9 cents in the last week and stands at $5.20 per gallon.
GasBuddy’s Patrick De Haan says, “All the metrics look very positive for motorists as this week is likely to continue seeing falling gasoline prices, with many areas falling to the lowest level since Russia’s invasion of Ukraine in February.”
The national average could fall under $3 per gallon by Christmas, according to De Haan. The bears have run rampant through oil markets, with prices continuing to come under heavy selling pressure as China sees protests for its zero-Covid policies, shutdowns of major cities, and U.S. demand facing seasonal pressure.
U.S. retail gasoline demand fell last week five percent as motorists pre-filled up and celebrated Thanksgiving.