The average cost for a gallon of gas is currently the lowest that it has been since June 2022, having dropped more than 50 cents in the last month alone, according to AAA.
The national average for a gallon of gas is currently at $3.10, almost 20 cents cheaper than last year at this time, according to AAA’s gas monitoring site.
With inflation soaring, the energy industry has been heavily impacted, leaving Americans paying more to run their cars and heat their homes than ever before.
In mid-June, gas prices topped out at the highest they have ever been, costing more than $5 per gallon. Since then, they have steadily declined. Now, more than half of the country is seeing prices below $3 a gallon.
Another form of fuel that will cost a bit more this year is natural gas. According to a recent study from MoneyGeek, the national average for monthly natural gas bills is expected to rise by more than $50 this winter.
Prices are affecting Americans across the nation, as regionally, the report estimates that the Midwest will see the highest price increase of any region, with heating bills expected to rise 33% in price. Meanwhile, the West is expected to see prices jump by 29%.
The falling cost of gasoline comes as the price of oil continues to fall. Brent Crude Oil currently sits near $80, far from its peak of $127.98 in June.
However, while many predicted the U.S. would see national averages below $2.99 by Christmas, Patrick De Haan, from the gas monitoring site GasBuddy, shared Wednesday that it’s likely we won’t see it happen, despite predicting it would earlier this week.
“With oil's rally dragging wholesale [gas prices] higher, it's going to be very close if we see the national average get down to $2.999/gal. Still hoping we do, but it likely won't last too long at this point,” De Haan tweeted.
Even still, the recent drop in prices has played a major role in saving Americans money, and De Haan shared just that with the Murray Ledger Times.
“Finally, things are starting to feel a bit more normal with gas prices far more affordable. Americans are saving around $25 per fill-up compared to prices this summer,” he said.
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