Gas prices are currently on a downward trend, with the national average for a gallon of regular unleaded reported at $3.29 as of Friday. In 10 states, drivers are enjoying prices below $3 per gallon, and experts predict that most states could see prices drop below $3 by Thanksgiving.
This decrease in gas prices comes as a relief to consumers, especially when compared to two years ago when prices soared above $5 per gallon. The current prices are about 50 cents cheaper than they were at this time last year, with some Americans paying even less. Approximately 41,000 gas stations across the country now offer gas below $3 per gallon, a significant increase from just 100 stations last year.
States like Texas, Oklahoma, South Carolina, and Tennessee are among those where drivers are averaging less than $3 per gallon. Analysts believe that this trend of falling prices is just beginning, with projections indicating that 35 to 40 states could see gas prices at $3 or less by Thanksgiving.
Several factors contribute to the decline in gas prices, including a strong supply, particularly in the U.S., and weak demand, especially in China. These factors have led to a drop in oil prices, which recently fell below $70 a barrel for the first time this year. OPEC Plus, the producer group led by Russia and Saudi Arabia, has even canceled plans to increase supply due to the current weakness in the oil market.
While the current outlook is positive for consumers, it's important to note that the oil market is volatile and subject to rapid changes. Former President Trump recently commented on the issue, promising to lower gas prices below $2 per gallon if he were to be re-elected. However, analysts caution that such a drastic drop in prices would likely require a significant economic crisis, as demand would need to plummet.
For now, consumers can enjoy the benefits of lower gas prices, but it's essential to monitor the market closely as conditions can shift quickly. The current situation offers a welcome reprieve for drivers, with the potential for even more savings in the near future.
