The nationwide average price sits at $3.03 this morning, according to AAA. The mark is a three-year-low. Thirty-five states have an average pump price under $3 per gallon.
“The national average is tantalizingly close to falling below $3 a gallon, and it could happen in a few days,” said Andrew Gross, AAA spokesperson.
Related:
- What Rising Gas Prices Actually Cost You
- Gas Prices: How Hypermiling Saves You Money
- How to Get Better Fuel Economy in Your Existing Car
Patrick De Haan, head of petroleum analysis for GasBuddy, predicts that a handful of the nation’s cheapest gas stations could post prices under $2 this winter.
Americans are traveling slightly more than we did at this time last year. According to the U.S. Energy Information Administration, we burned 8.7 million barrels of gasoline per day during Thanksgiving week, compared to 8.5 million during the same week last year.
But oil is plentiful and cheap on the global market this month. “The OPEC+ group of oil exporting countries is set to meet on Thursday to decide whether to delay planned oil production increases that are scheduled to begin Jan. 1,” Newsweek reports.
The decision comes as “Weaker-than-expected demand from China and surging production from countries including Brazil and Argentina — outside the OPEC+ fold — have fueled concerns about oversupply.”
Gasoline demand in China — now home to more cars than any other country — continues to drop as the Chinese embrace electrification. The China Passenger Car Association released data this week showing that Chinese drivers have bought 76% of the world’s electric vehicles (EVs) so far in 2024.
