Will gas prices increase during holiday travel? This chart may lift your spirits.
This holiday season, the average gas price across the U.S. is projected to be around $3 per gallon. GasBuddy, a fuel savings website, gathered data from over 150,000 gas stations nationwide to arrive at this average. Compared to the previous year, gas prices have decreased by 7.1 cents per gallon.
According to GasBuddy, the average gas price last week was $2.97 per gallon, marking the lowest level since May 2021.
Patrick De Haan, who leads petroleum analysis at GasBuddy, indicated that this trend shows gas prices are stabilizing after the disruptions caused by the COVID-19 pandemic and various other factors.
Speaking with YSL News, De Haan mentioned that if current trends continue, consumers might observe gas prices hovering around the $3 threshold by Christmas Day. “We’re currently close to that figure,” he stated. “I remain hopeful that we might see the national price dip below $3 a gallon by Christmas.”
De Haan explained that price fluctuations, where gas stations undercut each other, often lead to savings that bring prices down to or even below their costs. “In certain situations, they can raise prices by 40-50 cents a gallon,” he noted.
As these price cycles stabilize, De Haan expects prices to normalize just in time for the holidays. “The states that have gone through price fluctuations are now assisting in bringing the national average down. This trend is just getting started, so I believe come Christmas Day, we might be just below the $3-a-gallon mark,” De Haan added.
Which states enjoy the lowest average fuel prices?
GasBuddy has reported that the most frequently observed gas price is $3.19 per gallon, an increase of 40 cents from the previous week. The next most common prices include $2.99, $2.89, $2.79, and $3.09.
The states with the lowest average prices are Oklahoma, where the price is about $2.44 per gallon, followed by Texas at $2.50 and Arkansas at $2.55.
In contrast, the states with the highest average prices are Hawaii, with an average of $4.44 per gallon, followed by California at $4.24 and Washington at $3.84.
