WASHINGTON, D.C. (December 7, 2023)—After a one-day dalliance with a rising price, the national average for a gallon of gas resumed its steady retreat, shedding four cents since last week to $3.20. The main reason is a weaker cost for oil, which is struggling to stay above $70 per barrel. The falling price comes just a week after OPEC+ announced voluntary production cuts of about 2 million barrels daily. But instead of viewing it as coal in the stocking, the oil market response has thus far been a resounding “meh.”
“Historically, crude oil tends to drop nearly 30 percent from late September into early winter with gasoline prices trailing the play,” said Andrew Gross, AAA spokesperson. “More than half of all US fuel locations have gasoline below $3 per gallon. By the end of the year, the national average may dip that low as well.”
For the complete report, including the latest EIA data and oil market dynamics, please visit https://gasprices.aaa.com/an-early-holiday-gift-lower-gas-prices/