No trick, all treat: Gas prices fall to lowest since March
IDAHO FALLS, Idaho (KIFI) - $2.99 gasoline is making a comeback at tens of thousands of stations across the U.S., a huge treat for drivers this Halloween.
The national average has plunged 38 cents over the last month, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. At $3.44 per gallon, the national average price of gas now stands at its lowest since March 28, and is projected to drop another 10 to 20 cents by the end of the year, while drivers in 33 states can now find at least one gas station at $2.99/gal or lower.
The fall in gasoline prices is tied to seasonal factors, including declining gasoline consumption as colder weather keeps Americans inside, as well as the changeover to winter gasoline, which has now been done in every state. In some states and regions, there has been improvement in refinery snags, which had hit the West Coast and Corn Belt hard in late summer, sending prices higher. Those areas have seen dramatic declines due to the early changeover to winter gasoline, with average prices in California down a staggering 80 cents in just four weeks.
“The decline in gas prices has been astounding, but not completely surprising as we finally get back to a more typical fall, which in recent years has seen impacts from Covid and Russia’s war on Ukraine disrupting seasonal changes,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy anticipates the drop could continue into November and December, with the national average falling another 10 to 20 cents in the weeks ahead, so long as the violence in the Middle East does not spread or jump to other countries. Motorists in 33 states are seeing prices at or below $2.99, and I expect more states to see such low prices, and even the West Coast should see prices at more places falling below $3.99 in the weeks ahead.”
With such a steep drop in gas prices in recent weeks, GasBuddy reminds motorists not to be lured into the expectation of low prices. The spread between low- and high-priced stations has widened to near-record levels in recent weeks, as some stations hold on to higher prices and others lower their prices to the lowest since early 2023. The savings by shopping around for the cheapest price in an area can add up to $5 to $10 on just a single fill up.
You can find the lowest gas prices in the area HERE.
