The nationwide average price of a gallon of gas this morning stands at $3.09, according to AAA. But averages are sometimes pulled out of whack by outliers. In most of America, less-than-$3 gas is here. California, Hawaii, and Washington need to get into whack. With average prices over $4, they’re keeping the national average artificially high.
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AAA spokesperson Andrew Gross tells CBS News, “At about 80,000 of the 120,000 gas stations around the country, give or take, gas is selling right now below $3 a gallon.”
There’s a “window of opportunity” for prices to fall below $2.99 for the first time since 2021, says Patrick De Haan, head of petroleum analysis for Gas Buddy.
“The good news continues for average diesel prices, which slipped below $4 per gallon again and stand at their lowest level since the summer,” he adds.
The news comes as economists increasingly predict a relatively stable 2024. Economists from Kelley Blue Book’s parent company, Cox Automotive, recently predicted, “The economy in the year ahead may well be boring.” This is news many Americans will be ecstatic to hear.
Americans drove more this holiday season than last. Collectively, we used about 7.9 million barrels of gasoline per day the week ending Dec. 29 (the most recent week for which numbers are available) — up from last year’s 7.5 million barrels.
But the peak of holiday road travel is behind us.
Instability in the Middle East continues to cause fluctuations in the price of oil. But record high domestic production means Middle Eastern oil feeds into a smaller portion of U.S. gasoline. The Organization of Petroleum Exporting Countries (OPEC+) has threatened production cuts, but that hasn’t significantly impacted oil prices.
“It’s too soon to say OPEC’s clout is diminished, but they are not the only game in town,” AAA’s Gross told CBS News.
“Today’s national average of $3.09 is 15 cents less than a month ago and 17 cents less than a year ago,” AAA notes.
