Current:Home > StocksGas prices are falling -- and analysts expect them to drop much further-LoTradeCoin
Gas prices are falling -- and analysts expect them to drop much further
View Date:2024-12-23 21:15:00
Households strained by price hikes received welcome relief in recent days in the form of falling gas prices -- and they're expected to drop even further.
Over the past week, the nationwide average price of a gallon of gas has dropped 7 cents, which amounts to a nearly 2% decline, AAA data shows.
By the end of this month, prices could fall a staggering 50 cents, Patrick de Haan, the head of petroleum analysis at GasBuddy, said on Thursday in a message on X, formerly known as Twitter.
MORE: Autoworkers strike has cost US economy nearly $4B, report says
The current nationwide average price for a gallon of gas stands at $3.72, the lowest level since last July, de Haan said. At month's end, he added, drivers will pay roughly $3.20.
"I expect October will be filled with treats in the form of falling #gasprices for motorists in every state," de Haan said.
In Georgia, the state with the lowest average gas prices, a gallon costs about $3.18, AAA data shows. In all, the AAA data says, 10 states currently sell gas at or below an average price of $3.35 per gallon.
By contrast, the cost of a gallon of gas in California stands at $5.88, making it the state with the highest prices, AAA data shows. Even in California, however, the average price has fallen about 6 cents over the past week.
MORE: Costco gold bars are selling out
Prices in California are expected to fall dramatically in the coming weeks, de Haan said on X. "California will easily fall $1/gal by Thanksgiving, roughly triple the drop we expect in the national average," de Haan said.
The decline in gas prices owes in large part to a steep drop in the cost of crude oil, the underlying commodity that refineries turn into gas. The price of Brent crude oil has fallen 13% since late last month.
Meanwhile, demand for gas has fallen as the busy summer traveling season has given way to an autumn slowdown, putting additional downward pressure on prices, Andrew Gross, AAA spokesperson, said in a statement on Thursday.
"Drivers are finally seeing some relief at the pump as the seasonal swoon picks up momentum," Gross said.
veryGood! (438)
Related
- Eva Longoria calls US 'dystopian' under Trump, has moved with husband and son
- PETA tells WH, Jill Biden annual Easter Egg Roll can still be 'egg-citing' with potatoes
- 'Squid Game' actor O Yeong-Su, 79, convicted of sexual misconduct for 2017 incident: Reports
- California man sentenced to life for ‘boogaloo movement’ killing of federal security guard
- TikToker Campbell “Pookie” Puckett Gives Birth, Welcomes First Baby With Jett Puckett
- Maui’s mayor prioritizes housing and vows to hire more firefighters after Lahaina wildfire
- Cara Delevingne's Parents Reveal Cause of Her Devastating Los Angeles House Fire
- Florida mom tried selling daughter to stranger for $500, then abandoned the baby, police say
- Lions QB Jared Goff, despite 5 interceptions, dared to become cold-blooded
- Teen Mom's Jade Cline Reveals Her and Husband Sean Austin’s Plan for Baby No. 2
Ranking
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Mixed Use
- Former Tesla worker settles discrimination case, ending appeals over lowered $3.2 million verdict
- Former Massachusetts transit officer convicted of raping 2 women in 2012
- After dangerous tornadoes in Ohio and Indiana, survivors salvage, reflect and prepare for recovery
- Police capture Tennessee murder suspect accused of faking his own death on scenic highway
- Fasting at school? More Muslim students in the US are getting support during Ramadan
- Jurors weigh fate of Afghan refugee charged with murder in a case that shocked Muslim community
- America is getting green and giddy for its largest St. Patrick’s Day parades
Recommendation
-
Democrat Ruben Gallego wins Arizona US Senate race against Republican Kari Lake
-
Paul Simon, graceful poet and musical genius, gets his documentary due 'In Restless Dreams'
-
California fertility doctor gets 15 years to life for wife’s murder
-
A fourth Albuquerque, New Mexico, police officer has resigned amid probe of unit
-
College football Week 12 expert picks for every Top 25 game include SEC showdowns
-
Dozens feared drowned crossing Mediterranean from Libya, aid group says
-
Bears trade Justin Fields to Steelers, clear way to take a QB such as Caleb Williams with No. 1 pick
-
Hulu freeloaders beware: The password sharing crackdown is officially here