Drivers have enjoyed a sharp decline in gasoline prices over recent weeks — and the good times are expected to continue.
Gas prices have plummeted about 13% from a 2024 peak in April, which amounts to a decline of nearly 50 cents per gallon, according to AAA data shared with ABC News.
The national average price of a gallon of gas stands at $3.20, AAA data shows. In 16 states, an average gallon of gas costs less than $3, including Texas Georgia, North Carolina, Wisconsin, Kansas and Iowa.
Speaking to ABC News, some experts forecasted that the national average price would likely follow suit, dropping below $3 per gallon for the first time since May 2021.
The drop in prices owes in part to sluggish demand for gas as the busy summer traveling season has given way to an autumn slowdown, experts said. Meanwhile, they added, a sharp decline in the price of crude oil has propelled an even larger drop-off in gas prices than typically seen at this time of year.
“Gas prices continue to crumble across the entire nation,” Patrick de Haan, the head of petroleum analysis at GasBuddy, told ABC News. “The outlook is bright.”
Gas prices are plummeting. Experts explain why. – ABC News (go.com)