Gas prices have steadily fallen for months. Will this trend continue?

Details: The average national price for a gallon of gas currently sits at $3.24, a 26 cent drop from less than a year ago. Texas, Oklahoma, and Mississippi are experiencing the lowest prices, with costs per gallon sitting roughly around $2.75.

Why? The declining prices are being attributed partly to decreased demand typically experienced during the winter months and record levels of domestic energy production. According to the New York Times (Lean Left bias), United States oil companies are producing 3.2 million barrels a day.

Will it Continue? Some voices are expressing concern that prices could rise next year as a result of last week's announcement that several OPEC+ countries will reduce production in the initial months of 2024.

How the Media Covered It: The New York Times framed increased U.S. energy production as a double-edged sword, highlighting both the lower gas prices and the environmental impact of increased drilling and fossil fuel consumption. Similarly, the article highlighted how lower gas prices politically benefited the Biden Administration with economically focused voters, but increased drilling could upset environmentally focused voters. Fox Business (Lean Right bias) highlighted moderate concern that gas prices could rise starting in 2024, but did not attribute the price decrease to actions by the Biden Administration.

Why the Difference? Left-rated outlets typically highlight environmental concerns in tandem with economic concerns, while right-rated outlets typically prioritize economic concerns in coverage.