Gas prices drop at steepest decline since August: AAA
Lower diesel fuel prices are ‘helping to stem the rise in inflation,’ expert says
Prices at the pump continued to decline last week and could fall below $3 by Christmas, according to GasBuddy. (iStock)
Americans found more relief at the pump as gas prices continued to slide last week, registering the steepest weekly decline since early August, according to AAA.
A drop in oil prices, caused by fears of a slowdown in other parts of the world, have helped keep U.S. gas prices down. The national average cost for a gallon of gas fell to $3.54, 12 cents less than the week before, according to AAA.
"Gas prices are dropping nationwide, with some of the largest decreases happening on the West Coast," said Andrew Gross, AAA spokesperson. "But the West also has the farthest to fall because its prices are so elevated. For instance, California is still $1.50 higher than the national average."
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Gas prices expected to drop more by Christmas
Gas prices have steadily declined over the past weeks and could fall below $3 a gallon by the year’s end, according to GasBuddy.
"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," Patrick De Haan, head of petroleum analysis at GasBuddy, said.
"It’s entirely possible the national average price of gasoline could fall under $3 per gallon by Christmas, which would be a huge gift to unwrap for motorists after a dizzying year at the pump," De Haan continued.
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National diesel prices also fall
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 "providing well-needed relief ahead of the holidays and helping to stem the rise in inflation," De Haan said.
Early in November, a low diesel supply caused prices to spike, which sparked concerns that the costs of food and consumer goods might also rise because of the increased costs associated with transporting these goods across the nation.
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