Gas Prices Drop Dramatically

( – In a much-needed turnaround, the price of gas at pumps across the United States is falling dramatically, and the national average could be below $3 per gallon by Christmas.

According to a new report by CNBC headlined “Gasoline is cheaper now than a year ago — and could fall below $3“:

“Gasoline prices are now cheaper across the U.S. than they were a year ago, and the price per gallon could fall below $3 for most Americans by the end of the year.

“According to AAA, the national average for a gallon of unleaded gasoline was $3.329 on Thursday, below the $3.343 a year ago, before Russia’s invasion of Ukraine. Unleaded gasoline was at a record $5.01 per gallon June 14 and stayed high through the summer and fall.

“Gas prices fell 15 cents per gallon in the past week and are down from $3.80 a gallon a month ago.” [emphasis added]

Still, the price of diesel remains a concern.

Diesel inventories have also been growing and that could help drive down prices. The average price for diesel was $5.00 per gallon, down from $5.81 in June. Diesel is in short supply globally because Russia was a large oil and fuel exporter to Europe. As a result, diesel’s price decline has been much shallower, and its price is far from the average $3.61 a gallon it was a year ago.” [emphasis added]

What do you see for prices at the pump where you live? Are you glad the price is dropping? Please share your thoughts and views by emailing [email protected]. Thank you.