Yahoo Finance Gas Prices Plummet Ahead of Winter Holiday Travel — Will the Savings Last Into 2024?
American drivers received an early holiday gift this past weekend, in the form of cheap gas at the pumps. And with crude oil prices and domestic demand low, there’s every reason to believe the current savings trend will continue into the new year.
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The national average dipped to just over $3.15 on Mon., Dec. 11, and slid more than a cent over the next 24 hours, according to AAA. As of Dec. 13, the national average sits at $3.12, down nine cents from a week ago and 24 cents from Nov. 13.
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While the holiday season sees a surge in shopping and travel, winter in general keeps people inside, off the roads and buying less gas. For the rest of 2023, there will be more gasoline produced than is being used, which could cause cheaper prices into January 2024.
While the conflict in the Middle East could potentially impact oil and gas prices, there are other factors at work that might keep gas prices low until spring’s typical uptick in demand and price.
Increased U.S. production and a weak economy in China are contributing to the overall situation, but as The Hill pointed out, the Nov. 30 OPEC+ oil cartel meeting addressed recent declines in crude oil prices, which are hovering around $70 a barrel.
“OPEC+ is struggling to balance oil supply and demand in light of the surprising increase in supply from the U.S., Brazil and Guyana, as well as disappointing demand from China,” said Andy Lipow, president of consulting firm Lipow Oil Associates.
As of today, 24 states are selling regular gas below $3.00 a gallon and only three (Hawaii, California and Washington) at prices over $4.00. Here are the 10 least expensive states for gas:
The 10 Least Expensive Gas Markets
Kentucky: $2.785
Ohio: $2.782
Alabama: $2.776
Kansas: $2.770
Arkansas: $2.712
Louisiana: $2.705
Missouri: $2.686
Oklahoma: $2.667
Mississippi: $2.659
Texas: $2.590
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This article originally appeared on GOBankingRates.com: Gas Prices Plummet Ahead of Winter Holiday Travel — Will the Savings Last Into 2024?
