US Gas Prices Are Falling Fast, National Average Down 41.3 Cents from A Year Ago

The national average price of gasoline in the United States has dropped or at least remained flat every day since September 19, reaching $3.349 per gallon, according to EIA data

The decline, down 4.7 cents from the previous week, is part of a larger downward trend, with the national average 41.3 cents lower than a year ago. Diesel prices have also significantly decreased, falling 7.2 cents in the last week to $4.294 per gallon, a little over $1 lower than the previous year.

Source: EIA

Patrick De Haan, Head of Petroleum Analysis at GasBuddy, last week noted the speed at which prices are falling, especially in California, where gas is most expensive. 

“As motorists turn their attention to Thanksgiving, they certainly can be thankful for the decline in gasoline prices, which has now reached eight straight weeks. GasBuddy counts 11 states where average prices are below $3 per gallon, with several more to join this week. Even in California, the nation’s most expensive gasoline average will fall below $5 in the next 48 hours,” De Haan said on Monday. 

“Gasoline demand has struggled in recent weeks, falling not only due to the seasonal nature, as Americans drive less as the weather gets colder, but it appears there may be some economic headwinds entering the equation as well.”

Information for this story was found via EIA, GasBuddy, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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