• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

American Gasoline Prices Could Plunge Below $3 A Gallon

The U.S. national average price per gallon of gasoline could decline to under $3 for the first time since 2021, amid sluggish demand, GasBuddy’s Patrick De Haan said on Monday. 

Gasoline prices have fallen for the second straight week, down 3.8 cents from a week ago to $3.03 per gallon as of Sunday. Compared to a month ago, the average price per gallon is down 12.2 cents, while prices are down 22 cents compared to a year ago, according to GasBuddy data. 

“With a record rise in gasoline inventories last week as demand was anemic during the holidays, motorists have provided the catalyst for falling prices,” De Haan said, adding that “if demand remains weak, gasoline prices could fall further.”

De Haan also noted that prices should begin to fall in California, which is typically the outlier, as well as in Nevada and Arizona, due to an easing of refinery issues. 

Those decline paths provide “momentum for a possible run at a $2.99 national average”, De Haan said, cautioning that this could create additional volatility in the run-up to Spring, where a sharp rise in prices could see up to an 85-cent increase per gallon around mid-February. 

In terms of fuel demand, U.S. retail gasoline demand was up 2.3% for the week ending January 7. 

Median U.S. diesel prices shed 10 cents from last week, GasBuddy said. 

GasBuddy’s latest data comes amid a sharp drop in crude oil prices on Monday. At 12:17 p.m. ET on Monday, West Texas Intermediate (WTI) was trading down 4.71%, threatening to dive below the $70 threshold. Brent crude was trading down 3.97% at $75.63. 


GasBuddy described the oil price drop as the market “digesting slowing demand and economic concerns, alternating to optimism and concerns over Houthi attacks in the Red Sea”. 

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on January 08 2024 said:
    Dirt cheap in Cleveland I would agree with that. Toronto/near all Ontario starting to look like Shenzhen China now as well. Maybe they can jam 100 million humans in that shit hole who knows who cares
  • Aaron on January 08 2024 said:
    Hell diesel is below $3.00 in Texas

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News