Gas prices in the U.S. reached a more than three-year low Monday, dipping below the $3.00 mark as Americans prepare to travel for the holidays.
Read the full story on Forbes: https://www.forbes.com/sites/antoniopequenoiv/2024/12/09/gasoline-prices-drop-below-300--lowest-point-in-three-years/
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NewsTranscript
00:00Gas prices in the U.S. reached a more than three-year low Monday,
00:05dipping below the $3 mark as Americans prepare to travel for the holidays.
00:10Gas prices have fallen for eight consecutive weeks,
00:13with the most common price encountered by U.S. motorists being $2.79 per gallon.
00:19The American Automobile Association has the national average price
00:23for a gallon of gas at $3.01, also calling the price point a three-year low
00:28and noting 32 states already have averages below or well below $3.
00:34The national average price of diesel has declined 2.3 cents since last week
00:39and is now $3.49 per gallon, GasBuddy reported.
00:44Patrick DeHaan, head of petroleum analysis at GasBuddy,
00:48said in a statement that the drop in gas prices, quote,
00:51couldn't come at a better time for motorists with the holidays upon us.
00:55He added that the national average could potentially fall another 10 to 15 cents by Christmas.
01:01The drop in gas prices follows poor gasoline demand during the week of Thanksgiving,
01:06according to GasBuddy, which noted gasoline inventories have increased.
01:11The Organization of the Petroleum Exporting Countries Plus
01:14recently announced it will push back the start of oil output increases until April,
01:19following a significant drop in global demand.
01:23Around 65% of Americans are expected to take a road trip
01:26at some point between Thanksgiving and mid-January,
01:29according to a holiday travel survey by Deloitte.
01:33For more on this story, check out Antonio Pequeño IV's article in the link in the description.