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Patrick De Haan, head of oil analysis at GasBuddy, analyzes whether the average price of gasoline will fall below $2 a gallon under Trump in ‘Varney & Co.’
Drivers are feeling relief at the pump this week as the average cost of a gallon of regular gasoline in the U.S. hit its lowest level in three years.
AAA tracker National average gas prices on Tuesday morning indicated the cost of a gallon of regular gasoline was $3.01.
Andrew Gross, a spokesman for the organization, said the national average “is tantalizingly close to falling below $3 a gallon, and that could happen within a few days.”
A customer pumps gas where a sign displays fuel prices near $8 per gallon at a Mobil gas station in Los Angeles on Oct. 5, 2023. (Patrick T. Fallon/AFP via Getty Images/Getty Images)
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Oklahoma, Mississippi, Texas, Arkansas and Kansas were among some of the states that saw the cheapest prices at the pump last week, AAA said.
This comes as finished motor gasoline showed demand of 8.738 million barrels per day during the week ending November 29 in the US, according to the Energy Information Administration.
Nationally, the average per gallon of gas was last below $3 in mid-May 2021, according to AAA.
MILLIONS OF CAR OWNERS ARE DELAYING MAINTENANCE REPAIRS AS COSTS INCREASE
GasBuddy, which also monitors fuel prices, said the average cost of gasoline was below $3 on Monday.
A customer with $20 bills in hand pumps gas at a Phillips 66 gas station in Centennial, Colorado. (Reuters/Rick Wilking/Reuters Photos)
“I think we’re approaching a bottom,” Patrick De Haan, head of oil analysis at GasBuddy, told FOX Business. “We may stay within five to 10 cents a gallon of the current national average of $2.99 for the next week or two. We could start to inch up around Christmas or New Year’s by five or ten cents. It won’t be much , but then we will begin the seasonal increase around mid-February, when prices will begin to rise more noticeably.”
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Regular gasoline averaged $3.15 per gallon a year ago, according to AAA.
The highest average price level ever reached was $5.01 in June two years ago.
