Tuesday, February 7, 2023
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Fuel Prices Continue Decline Ahead of Christmas

The nation’s average gas price declined for the sixth straight week, down 2.9 cents from a week ago at $3.30 per gallon. The national average is down 11 cents from a month ago and $1.09 per gallon higher than a year ago. The national average price of diesel declined two cents in the last week and stands at $3.58 per gallon. Patrick De Haan of GasBuddy says, “The decline in gas prices will likely continue until new Covid cases slow down.” De Haan says the U.S. may see Christmas gas prices fall just under their all-time high on the holiday, which was $3.26 in 2013. Beyond Christmas, with omicron cases likely to continue climbing, there will likely be a more noticeable hit on gasoline demand once the holidays are over. However, U.S. retail gasoline demand rose last week, likely as motorists get out and finish their gift buying ahead of Christmas. Nationally, weekly gasoline demand was up 2.9 percent from the prior week.

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