As the busy summer travel season continues to come to a close, gas prices have fallen to the lowest they have been in months, but how far will the prices drop leading up to election day and beyond?
According to the latest numbers from AAA’s gas tracking tool, the national average for a gallon of gas is $3.40, down 10 cents from a month ago and more than 45 cents from a year ago.
The gas tracking website GasBuddy reported that the nation’s average gasoline price has now fallen for three weeks in a row, as of Monday, dipping 4.2 cents over the last week.
Diesel prices are also down to a new multi-year low, sitting at $3.73 per gallon, down from $4.34 a year ago, AAA reports.
In a blog post on Monday, GasBuddy’s head of petroleum analysis, Patrick De Haan, wrote that prices should continue to fall with the summer travel season coming to a close.
“Gasoline and diesel prices continue to trail off across much of the country as summer demand fades away. Lower demand in other oil-consuming nations is also helping to lead the downward pressure on pump prices as we approach Labor Day,” De Haan shared in the blog post.
De Haan also noted that with no major new developments happening in the Middle East and Hurricane Ernesto not making landfall, the “downward trend could continue into the week ahead.”
“As more schools begin to resume, gasoline demand will likely continue to ease. With the transition to winter gasoline less than a month away for the majority of the nation, gas prices will soon begin their seasonal cooling off—just as temperatures soon will as well,” De Haan shared.