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Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
The price per gallon of gas is seen at a gas station on Dec. 12, 2023 in Miami as the national average for unleaded gas was $3.14 a gallon on Dec. 12, according to AAA.
Prices have dropped sharply this year because demand has been weaker-than-expected, especially in the U.S. and China. Global benchmark Brent crude has slid from over $90 a barrel in April to a ...
Separate data from AAA show the nationwide average for gas prices is $3.217 per gallon, down 17% from a year ago. Most states in the South and parts of the Midwest already pay less than $3 ...
Kloza believes gas prices could drop to around $3.25 or $3.50 per gallon, and he doesn’t see this trend reversing until the middle of the first quarter of 2024.
The US is also witnessing a weaker trend in fuel consumption following a 2023 high in prices reached in mid-September. "Gasoline demand has been weak," said the EIA's Barron.
GasBuddy's 2024 Fuel Outlook projected that the national average price of gasoline would drop from $3.51 per gallon in 2023 to $3.38 in 2024. Show comments Advertisement
Gas prices are on a downtrend trend, falling below a national average of $3.50 per gallon for the first time since February of this year. The average price of gasoline sat at $3.45 per gallon on ...