Gas prices hit 11-month low just in time for the holidays
GasBuddy head of petroleum analysis Patrick De Haan says the national gas price average is falling and could hit the cheapest Thanksgiving prices since 2020 on 'Varney & Co.
There is good news for drivers ahead of the holidays as U.S. gas prices are the lowest they have been all year.
In fact, analysts predict that by Christmas, the national average gas price could fall below $3 per gallon for the first time since 2021.
The national average price stands at $3.22 per gallon as of Wednesday, down 15% since mid-September, according to data from the American Automobile Association. Prices have declined for 11 consecutive weeks, driven down by falling global demand, even as OPEC+, the Organization of the Petroleum Exporting Countries and its allies, decided to cut oil production in 2024, analysts at GasBuddy said.
«We’ve barely eked out a drop in the national average over the last week, extending the streak to 11 straight weeks of decline, even as some states have seen prices jump, while others have seen prices continue to inch lower. Motorists can blame the OPEC+ meeting for causing oil to jump early last week and then plummet late last week for the volatility in gas prices,» said Patrick De Haan, head of petroleum analysis at GasBuddy.
GAS PRICES' DOWNWARD TREND CONTINUES — FOR NOW: AAA
A gas pump at a Sunoco gas station in Washington, D.C., on Tuesday, Nov. 28, 2023. Gasoline prices have fallen for 60 consecutive days, the longest streak of declines in more than a year. (Al Drago/Bloomberg via Getty Images / Getty Images)
Prices have softened with benchmark global oil prices, which settled on Tuesday at their lowest since July as traders worried about China's economy. Despite OPEC+'s planned supply cuts, global oil
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