• 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
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Natural Gas Price Drop Could Spell Doom for Producers

Natural Gas Price Drop Could Spell Doom for Producers

American gas producers have been…

Chesapeake's Production Cut Shakes Up Natural Gas Markets

Chesapeake's Production Cut Shakes Up Natural Gas Markets

Chesapeake Energy's decision to decrease…

U.S. Gasoline Prices Could Fall Below $3 By Christmas

The average gasoline price in the United States dropped this week to a level last seen in early February, before the Russian invasion of Ukraine that roiled markets and sent fuel prices soaring through the summer.  

The national average was $3.47 per gallon as of December 1, per AAA data, which is below the $3.54/gal average on the day when Russia invaded Ukraine, February 24. 

The current average is now less than $0.10 higher than the $3.385/gal gas price at this time last year. 

Falling international crude oil prices in recent weeks have helped the downward trajectory of U.S. gasoline prices. 

The Biden Administration took credit for the falling gasoline prices, saying earlier this week that “Gas prices have fallen to levels they were at prior to Putin’s invasion – down $1.50 a gallon since their summer peak.” 

“This is important breathing room for American families and meets a key commitment I made. We’ll continue to do everything we can to bring prices down even more,” President Joe Biden tweeted. 

The average gasoline price on Wednesday was the lowest since February 7, GasBuddy's head of petroleum analysis, Patrick De Haan, said.

De Haan and GasBuddy believe that drivers in the United States could be getting the gift of even lower gasoline prices this Christmas. 

Gasoline prices could be headed to a national average of $2.99 per gallon by Christmas, De Haan said in an analysis earlier this week. 

“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,” he wrote. 

ADVERTISEMENT

“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.”

By Michael Kern for Oilprice.com 

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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