2 - 3 minute read
Good news for American drivers this holiday season: gasoline prices are expected to fall below $3 per gallon by Christmas. According to AAA data, the national average gasoline price as of December 1 was $3.47 per gallon, which is less than $0.10 higher than the $3.385/gal price at this time last year. This decrease in gasoline prices can be attributed to falling international crude oil prices in recent weeks.
The Biden Administration has taken credit for the falling gasoline prices, stating that “gas prices have fallen to levels they were at prior to Putin’s invasion – down $1.50 a gallon since their summer peak.” President Joe Biden tweeted about the important “breathing room” this will provide for American families, and promised to “do everything we can to bring prices down even more.”
This Christmas, you'll pay less to fill up your tank and get home than you did this time last year.— President Biden (@POTUS) December 23, 2022
According to GasBuddy’s head of petroleum analysis, Patrick De Haan, the average gasoline price on Wednesday was the lowest it has been since February 7. De Haan and GasBuddy predict that gasoline prices could reach a national average of $2.99 per gallon by Christmas. “It’s entirely possible the national average price of gasoline could fall under $3 per gallon by Christmas,” De Haan said in an analysis, “which would be a huge gift to unwrap for motorists after a dizzying year at the pump.”
This news comes as a welcome relief to drivers who have experienced high fuel costs throughout the year, including during the summer when gasoline prices peaked due to the Russian invasion of Ukraine and subsequent market turmoil. But now, it seems that American motorists may be able to enjoy some lower prices at the pump as they make their way home for the holidays.