Gas Prices Continue to Fall, But Experts Doubt Trend Will Continue
Big Oil stocks are pointing to higher gas prices to come
Brutally high oil and gas prices were the talk of the town in 2022 and one of the largest contributing factors to sky-high inflation. The thing is: When you reach the top, there’s nowhere to go but down. And that’s exactly where oil is going.
The price of crude has taken a drastic plunge amid worries about slowing demand for fuel and the prospect of further tightening by the Federal Reserve leading to recession. But at the same time, shares of energy companies have continued to climb.
US national gas prices now lower than they were a year ago, AAA says
Americans are now paying less for gas than they were at this time a year ago, according to data released Thursday by AAA.
As of Dec. 8, the national average cost of a gallon of regular gas is $3.33, down one cent from the same date in 2021.
The new average price is also 47 cents less than what it cost a month ago, when it was $3.80 per gallon.
However, prices of mid-grade, premium and diesel fuel remain higher than what Americans were paying last year.
Gas prices are now lower than at this time last year. Could they fall below $3 a gallon in the months ahead?
Gas prices on Thursday were slightly less on average than they did one year ago — with a slim one-cent margin — but experts say there could be cheaper gas in the weeks and month to come.
Thursday’s national average for a gallon of gas was approximately $3.33, AAA said. That’s down from $3.34 this time last year, and significantly lower than the record high of $5.01 a gallon recorded in mid-June.